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Very impressive compact pistol paired with an impressive round. Out of the box my Taurus 327 shot true, posting a 2.5 inch grouping of 6 at 50 feet on a standard police silhouette target. It follows the natural point of aim well and has great trigger pull, with a firm but smooth double and a light single action pull. The revolver is also very compact, and would make an excellent concealed carry. Don't get me wrong, this gun does not have the same level of fit and finish as a Ruger or a S&W, but it is $260 after all. This is a lot of gun for the price.
As far as the round goes I'm impressed. Anyone who takes the time to read professional reviews or the FBI's standard protocol tests for effectiveness through barriers, will see the 327 Fed Mag is a powerful round. It truly does closely approach the 357 in terms of performance, but there is more. My lady and her friend (both petite women), who refuse to shoot more than 1 round of 357 Magnum out of my S&W Airlite, were able to shoot around 20 rounds of 237 Fed Mag before recoil bothered either of them. I think that speaks volumes to the fact that this is a well engineered caliber.