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"Does the .327 do anything any better than the .357 Magnum...or even as well?"
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It does -- it absolutely does.
It can exceed the performance of a .38 Special, just like a .357 Magnum can... all the while, it can do it with a cylinder the same size as a 5-shot .357, but with six shots, and it can also do it with a LOT less felt recoil and shock to the firing hand than the .357 Magnum transfers to the hand of the guy discharging it.
Is it as hardcore or high energy as the .357 Magnum? No, it falls short.
But what does it do BETTER than the .357 Magnum?
It exceeds the .38 Special arguably
better than the .357 Mag does because it's more controllable, more comfortable to shoot and gives an extra round to boot.
But yeah...
A cartridge doesn't have to obliterate something else to become a viable product or a round that people simply enjoy. Really.
If it was all about which calibers can be erased from existence because something similar is
better, then yeah... I can think of about 35 different chamberings that we can simply strike from the record.
Using that logic, the .40 S&W should be completely abolished from the face of the Earth because we have the 10mm Auto. Obviously, we can download the 10 to mimic the .40. (and many manufacturers already do...
) Heck, the .40 S&W was born because of the request to "settle down" the 10mm in the first place.
Can you imagine abolishing the .40 S&W simply because we have the 10mm?
Afterall, what can the .40 cal do that the 10mm can't?
HINT: It's a rhetorical question. Don't answer it, because the answer is that there's many things the .40 cal can do to make it worth having, no matter that we have a 10mm Auto.
Kinda like the .327 Federal Mag.