Well, I think a 357 magnum has utility value. I carried my M19 (4" bbl) today while removing treestands from my lease. I had it stoked with 158gr Hornady XTPs over a charge of 2400 for exactly 1200fps. Stout loads for sure but I could run into a bear or human problem with equal chance and to me it's the best balance of carry weight, power, controlability, and accuracy that I have available. When I bring that same gun into the house, I stoke it with factory Remington 38 spl +P 158gr LSWC-HPs. I shot this gun today with both mild lead handloads and the above mentioned JHP magnum loads and while I didn't find it all that bad, I wouldn't want to make a habit of it in a smaller gun.
