I've seen shots of 737s that have made landings with their gear stuck, as well as prop-driven aircraft. Seems those engine nacelles are pretty tough, all they get is a good scraping, no engine separation from the wing on most occasions. And props when they are feathered don't end up being total losses as only a couple blades are damaged in a gear-up landing.
Considering the possible alternatives, seems to me this 727 came through the landing alright, though I've not seen any pix of it yet. And of course the credit goes to the flight crew for their handling of the situation.
Now a question - are 727s having more frequent mishaps as they begin to feel their age?