Well, considering the fans of the .357SIG have been hanging their hats on how well their caliber compares to the .357 Magnum, I'd say the old wheelgun round still has some life left in it
One of my first wheelguns was a Ruger Security Six. One of a few such Rugers ... At present the only one I have left is one of the heavy barreled 4" Service Six models. The grip frame was rounded, and it was worked over by Mag Na Port. Nice gun.
I have an SP-101 in .357, too. Quadra Ported by the same folks. I can fire 5 Remington 125gr SJHP Magnums accurately as fast as I can cycle the trigger. Fun little flame thrower now that it's tamed ...
I'd say the .357 is still popular and still effective in the personal defense area ... and the hunting area.
It's just that my little 642-1 is much lighter, and I practice a lot with my favorite +P load.
And ...
My 9mm, .40 S&W and .45 ACP pistols are about as light, or lighter, and carry more rounds of acceptably potent and decent performing ammunition.
It's not that I don't trust .357 anymore. I've just become spoiled by having other options regarding lighter weight, convenience, comfort and capacity. I definitely Do Not feel underarmed those increasingly fewer (is that an oxymoron??) times I carry one of my .357's. And the newest Scandium/Ti revolvers are becoming very attractive in all their configurations ... Who knows? I might go with the L-framed enclosed hammer model someday ...