I've been interested in making a switch over to reduced recoil 00 buck. I've been trying to do my research, and have found quite a bit regarding patterns and velocity. What I am curious about now is if anyone knows of any testing done on penetration of "flesh and bone". Does anyone have any experience or know of anywhere I can find some material to look at in regards to how the "Low-Recoil" buckshot will perform in a defensive scenario? I'm looking at picking up quite a bit of PMC Low- Velocity 12 gauge ammunition for a pretty decent deal. Any advice is appreciated.

2 3/4"
9 - 00 pellets
1200 fps

What does 1 00 buck pellet weigh?

Looked it up.   .33 cal. 00 pellet weighs in at 54 grains.  Doing 1200 FPS, that would put that in the class of somewhere near a .380.  A .380 has a 90 gr. bullet @ 1000 fps.  
with this, you lose 36 grains, but pick up a couple of hundred fps.  Good part though is, you are launching them 9 at a time.  

I have put NO math to this, just looking at what an indivifual pellet would closely match.  As for the low recoil stuff, I would buy it.  L2

Remington says their 00 reduced recoil police loads are at 1200 fps.
The standard 00 police buckshot is 1325fps

Not much difference.

at reasonable self defense ranges reduced recoil buckshot penetrates as deep as "full power" buckshot due to less pellet deformation. A lot of the pellet deformation occurs before the pellets leave the muzzle. anything that lesson pellet deformation tightens patterns and improves penetration. Things that can lesson pellet deformation are chilled shot, hardened shot, plated shot, polymer buffers, plastic shot cups, recoil reducing wads and lighter powder charges.