A few observations from owning and shooting quite a few .32s:
A revolver chambered for .327 Federal, .32 H&R Mag, or .32 SW will also fire .32 ACP. The .32 ACP is a semi-rimmed cartridge with just enough of a rim to hold the round in the cylinder. I tried it a few times with my S&W model 30 which is chambered for .32 SW Long. Probably not something you want to do regularly but it works in a pinch.
A revolver chambered in .32 H&R Mag is a great training gun for a newbie. They can start out with the .32 SWL which has low recoil but just enough flash and bang to get them used to it, as opposed to say a .22LR which is too light IMO. After they get comfortable they can move up to the .32 H&R Mag which is somewhere between a .380 and a .38 SPL in terms of energy and a decent self-defense round. From there its an easy jump to .38 special and beyond.
The .32 H&R is more comfortable than a .38 SPL for some people in those small, light, J-frame sized revolvers. And if its still too much recoil for someone in one of those airweight 12 oz guns, the .32 SWL is a good round. Not exactly a self-defense powerhouse but with some of the hotter loads from Sellier-Beliot or Georgia Arms, can equal a .380 in energy.
I've never shot a .327 Federal, though. My understanding is that they approach the .357 Magnum in recoil and energy so I'm not really sure what they are good for other than the fact that some guns that hold 5 .357 rounds can hold 6 .327 rounds, like Ruger's SP101.
All-in-all I like the .32s. My wife and daughters have no problem shooting them in small carry-sized recolvers. It makes them more likely to practice and have more fun doing it. The main problem is the availability, cost, and selection of factory ammo. There is generally no problem finding it online but can be expensive and selections can be limited.