I still think it's a little early to start digging the .327 a grave. Both S&W and Ruger are still making guns chambered in it, and although ammo is scarce and expensive it is out there. There are some troubles I see for it though.
The .38 Special and .357 Magnum are so well established that trying to introduce anything to compete with them seems like a very silly idea. Everyone makes guns in .38/.357 and you can find ammo in just about any Walmart you walk into. In order for a new cartridge to really take hold in today's market, you have to throw some major support behind it, like S&W did with the .40S&W. That hasn't seemed to have happened with the .327.
Also, There hasn't been any real interest in .32 caliber cartridges for a pretty long time. .32 H&R Mag and .32 S&W Long faded out a good while back and .38/.357 took over. Public perception can go a long way, especially with uninformed gun buyers. Everyone knows about the legendary .357 Magnum, gun person or not. They have never heard of the various .32 caliber cartridges, so they aren't going to buy them. The .38 snubnose is something everyone knows, but the .32 snubnose not so much.
"Si vis pacem, para bellum" - If you want peace, prepare for war.