I haven't shot one, but have read a number of articles about them in various gun rags. The .327 offers something the various other .32's didn't offer. .357 class ballistics in a small frame 6 shot revolver. Unlike the .32 H&R, which touted .38 special ballistics, but barely made minimum .38 special power. The .327 really is close on the heels of the .357 magnum. Recoil is up there with heavier bullets, but some loads with 85 grain bullets still offer a lot of bite with manageable recoil. Any of the .327 loads will come with high muzzle blast, so protect your ears.
As a few here have pointed out, there is some question as to whether or not it will survive. I'd watch to see if other ammunition makers adapt the round. Right now Speer and Federal market ammunition for .327 Federal. All the major revolver makers have at least one gun in the caliber, and that is somewhat encouraging, but the jury is still out.
I think the .327 Federal would make a great backpack gun. It is small, yet you still can carry a full 6 rounds (7 in the case of the Ruger GP100). You can carry .32 S&W long for doing small game hunting and .327 Federal to protect you from predators, both two legged or 4 legged. As it is, it is very versatile. If you reload, it is even more versatile.
If I were to purchase one, I'd invest in some reloading supplies to make sure I had access to ammunition for the long haul. Reloading is not as critical with readily available rounds, but the .327 Federal is not likely to be found in mass sporting goods stores, at least not currently