Alex, I think the .327 will be around for a while. Only the current political landscape has slowed it down significantly. While I expect commercial ammo to remain "pricey" for a while, I also expect that some people will take a second look at the .327 in the near future (e.g. around 2016). There are some good advantages to the .327, some of which you mentioned. Others are...
- Reloading is very economical with .32 caliber bullets and smaller powder loads
- The .32 caliber ammo sells slower if there is another run on ammo.
- The revolver can fire 3-4 different cartridges of different power levels.
- Eventually someone like Marlin will give us a lever gun in .327, coyotes beware!
- The SP-101 in .327 makes a dandy carry gun.
Cesure
I agree with you. Using .327 to learn to reload .32 S&W or even .32 H&R Mag will leave you a considerable margin of safety. The .32 S&W is a joy when reloading as it takes little powder, it pleasingly mild to shoot and is nice to the wallet.