If you want cool factor, U.S. GI M1 Carbine has it flowing. Noisy, a total blast to shoot, horribly easy for anyone to load magazines and extra magazines are cheap. If it's all about plinking and pure fun, M1 Carbine wins, especially if you are not a handloader and you'll be buying all the ammo you sent through it.
Now if you want performance on game, ability to use a wide range of bullets and loads and have much more enjoyment at the load bench, a .357 Magnum chambered rifle or carbine is the easy winner.
You won't be able to send as much lead down range as quickly with .357 Magnum, but you can be more effective with it.
If you are a handloader, you have a ridiculous range in ability with the .357 Magnum and all of the components are more plentiful, easier to get, (effectively) cheaper and it's just plain easier to handload for.
Attention Brass rats and other reloaders: I really need .327 Federal Magnum brass, no lot size too small. Tell me what caliber you need and I'll see what I have to swap. PM me and we'll discuss.