"Is it the Ti/Scandium frame model, with Ti cylinder, weighing in at around 12oz?"
10.8 ounces empty is the reported weight. Wearing a Barami Hip-Grip and loaded, my SW342PD weighs ~ 14 ounces.
"How is it shooting .38+P?"
I haven't used any. It is recommended not to shoot LEAD bullets loaded to +p as bullet jump might occur due recoil. +p jacketed bullets are supposed to be fine. From experience, I can tell you that this will happen with CCI shotshells which TMK are not crimped at all.
"Is the recoil severe?"
Practice sessions of 250rds cause sore hands for a few days. 50rd sessions don't have any after effects. Recoil is definitely sharper than its aluminium cousin, the 642. But the light weight makes it more "carryable" than a 642 to me (my previous carry gun was a 642 Lady Smith).