The 357 in a rifle is a great short range deer gun.
I've killed quite a few with mine, and it's become my all time favorite woods rifle. It just feels like part of me when I'm carrying it. It "really" shines in the thickets!
I'm a firm believer in a good tough 158g bullet with a muzzle velocity starting around 1600-1700 fps. I now depend on 158g Remington bulk SPs for my deer loads, as this so far, has proven to be one heck of a deer bullet in my 357 loads(even in my Blackhawk).
I used 158g XTP-FPs for a long time at the same velocity, and they also work very well on deer up to 100 yards or so.
The 357 in any gun is definately "not" a hammer when it comes to deer. What it "will" do, if you use it within reason, is consistantly put deer on the ground. Most of mine fall within 20-40 yards or so, with the occasional one maybe making it to 75 yards before piling up nicely.
Most of my shots are under 75 yards, with the majority being around 40-50 or so. I have killed deer past 100 yards with it, but I'll admit, that's sorta pushing it to the limit in most situations.
There are a lot of people who give the 357 a hard way to go, but it "will" kill deer cleanly when used within reason. The majority of bad stories I've heard come from using 125g bullets, hollow points, or pushing these pistol bullets way too fast to begin with. If you choose a good tough bullet like the 158g XTP-FP, or a good 158g SP, and keep the muzzle velocity at, or under 1700 fps, you'll get good penetration, and enough expansion(which I firmly believe you need with the 357) to give a quick kill.