The effect can be restored upon changing weapons. This usually happens after reloading a save. 44 Magnum revolver in-game uses a speed loader when reloading, and does not reload rounds individually as shown in the picture.
So if you have an Agility of 10, which yields 50% faster reloading on its own, the result with this perk is an 87.5% faster reload speed, not 75% faster (i.e. It's important to note that this increase is multiplicative with Agility bonuses, rather than additive. This also has the effect of allowing you to switch ammunition types faster. Rapid Reload allows you to reload all your weapons 25% faster than normal. Rapid Reload is a perk in Fallout: New Vegas.
