I believe both tom and eric make good points.
A short barrel gun is going to have many inherent limitations, so there are some things that just don't matter (like long range accuracy, full burn of powder, etc.). I need to take my J frame to the chrony and see how much advantage I get between .38 special and +p. I know I get more felt recoil with the +p, but I also get more noise increase with it than I do my 5" revolver. Muzzle flash is also unbelievable with the +p, which tells me that the noise and flash are both being caused by powder that has no affect on the bullet (needs more than a 2" barrel to burn).
I have a theory that a person that uses a short barrel gun could play with larger calibers, with light bullets, and lower powder loads. My theory is based on the idea behind the Winchester Short Mag. They are shortening and fattening their cases to expose a wider base of powder to the flame, thus increasing efficiency of the powder burn. However, that brings up the question of the average guy on the street making custom loads for self defense ... best left to the manufacturers to figure out, but still a thought.