Michael Bane is playing with the .327 Magnum, which is a cartridge that makes me sad. Let me explain:
When H&R partnered with Federal to introduce the .32 H&R Magnum back in 1984, the cartridge was specifically designed to work with the Harrington & Richardson revolvers, which are not known for their vault-like strength. As a result, the SAAMI-specified maximum pressure for the chambering is 21,000 c.u.p., which is not terribly much more than .38 Spl +P and actually slightly less than .380 Auto. By comparison, the established "Magnum" cartridges (.357, .41, and .44) all operated at 35k+ c.u.p..
This left the .32 H&R a weak sister. Aftermarket companies could only hot-rod it so far before their attorneys started getting the vapors at the thought of someone grenading a cheapo H&R revolver and, as a result, the zippiest factory loadings you'll find will only shove a 100gr bullet at 1000-1100 feet-per-second.
The .327 gets past this with an entirely new case that is longer than the old one, but it would have been just as easy to develop a ".32 H&R Magnum +P" specification that would have worked just fine in existing Rugers and Smiths. This wouldn't have gotten Federal's name on a cartridge, though, and they wouldn't have been able to load it quite as hot with the heaviest bullets. Plus it wouldn't have sold a bunch of new guns.
At least if it doesn't catch on and the caliber dies, you'll still be able to shoot .32 S&W Long and .32 H&R Mag in the guns...