I currently own three .327 Fed Mag Revolvers.
A S&W, a Charter Arms, and a Taurus.
I was very excited when Ruger announced they were re-releasing the SP101 in .327 Fed Mag. That being said, I still don't own one.
I will though.
As far as the .327 goes, it is one of my favorite cartridges to shoot and reload. You can delegate the .327 to a huge array of tasks. Anything from target shooting, small game, or self defense. Not to mention it can fire 5 different cartridges (as you mentioned).
With full-tilt SD loads, it has quite some recoil. I use Speer 115gr Gold Dots (which are now discontinued) and it packs a wallop. I wouldn't want to be on the receiving end of one. I know Buffalo Bore makes some hot and heavy ammo, which I would say, if you absolutely had to, could do decent damage on small deer or other medium game.
I personally don't carry my .327 Mags anymore, because I switched over to a S&W 332Ti, which is chambered in .32 H&R Magnum. It is a lighter gun, thats more appropriate for carry, and with Buffalo Bore ammo, will very certainly get the job done.