I consider the Charter Arms .32 H&R Mag ideal for purse carry. It's easy to shoot and approaches the .38+P in performance.

16 oz. Stainless Steel frame:
http://www.charterfirearms.com/produ...ette_73220.asp

12 oz. Aluminum frame:
http://www.charterfirearms.com/produ...y_HR_53240.asp

These models are 6 ¼ inches overall length, 4 ¼ “ H, 1 ¼” W, and about 25% smaller than a S&W J frame.