It's likely the bottleneck case would cause extraction problems.
I'm guessing superior ballistics to the .357 magnum when the magnum is loaded with light bullets, say 125 grains and below. Probably 125 grains at 1350 fps, just guessing there would be some loss from the cylinder gap, etc.
With heavier bullet weights, I guess the .357 Sig would approximately equal the .357 magnum, 147 grains in the .357 Sig vs. 140 grain bullets in the .357 magnum. Velocity for either would probably be in the 1200 fps range +/- 50 fps. The waters muddy a bit when discussing 158 grain or 180 grain loads in the .357 Magnum.
The .357 doesn't lose as much performance with heavier bullets, even in short barrels. It's not uncommon to see 140 grain bullets at 1200 fps or 158 grains at 1100 fps from snub nose revolvers. For example, the test below with a sub two inch barrel gun.
http://www.personaldefenseworld.com/2012/11/ruger-lcr-357-mag/2/#198-ruger-lcr
Practically speaking, there are other problems with a .357 sig revolver, besides extraction issues.
There's also the reduction in capacity as well. An L-frame sized revolver would hold 5 rounds, instead of 7 in .357 mag and an N-frame would hold 6 rounds instead of 8. I could achieve better ballistics from the .44 mag or 10mm auto/.40 S&W, which would fit in the same sized L or N-frame revolvers.
A j-frame size probably couldn't accommodate the Sig at all, but will work with the .357 magnum, .38 Super, 9mm and maybe even 9x23mm.