Scibaer, The .357 has a considerable velocity increase going from a handgun length barrel to rifle length. By using quality heavy bullets, like the Hornady 180 gr. XTP, you get reliable pass through's on deer sized game. It is a short range combo, but effective.
I have to agree with the others in recommending anyone with a .357 mag Handi ream it to Max. No loss in accuracy with the shorter cases, and you gain a great amount of energy for hunting, extending your range.
As for the comparison to the .44 mag, if you are leaving ballistics out, there would be no difference in the build.