It was one of those firearms that was produced as it's caliber usefulness evaporated before it could be released.
It was a viable solution to a problem that was resolved in a more convincing and marketable manner.
It offered an increased 6 Round capacity over the standard .357 5 shot revolver format.
It had the unfortunate luck of being introduced at the height of the initial Glock-shock... the wave of buying excitement over the new concept of a high capacity, polymer frame wunder-gun... that swamped everything else being advertised.
The ballistics:
327 Magnum Ballistics Chart | Ballistics 101
These S&W Model 632's had such short barrels, and much like the vaunted .357 magnum, there was a lot of blast and unused fire wasted out of the pointy end. The load in question is correctly known as a .327 FM (Federal Magnum). It is also in the category of "Super Magnum", having supplanted the .32 H&R Magnum.
It has great ballistics, but unfortunately the cartridges are not available except for specialty houses and at a price. There are many good calibers out there that never had a ghost's chance of catching on, ie the 10mm (aka the .40SW Magnum). Other literal flash-in-the-pan loads included the .45GAP (an homage to hubris) and one that is still hanging on for dear life, the .357 SiG. Not casting aspersions on usefulness, just the poor showing in market viability... for whatever reason.
In preparing for the coming
Zombie Apocalypse (ZX)
We are all well advised to seek "commonality" and availability. Much as the US Dollar is the (current) universal worldwide trade currency, in the future it may well likely be 9mm or .22LR in terms of a spot price or futures market.
If you're toting a .327 Federal Magnum, you better make every bullet count. Not in stock at MallWart.