Viva .32 Mag
The .32 H&R Mag is a neat round -- accurate, well-mannered, and flat-shooting.
It has a few niches:
(1) defensive round for recoil-intolerant shooters (it's a classic "mother in law" cartridge, much better than .32 ACP and comparable to .380 ACP, with more energy in some loadings than the .380);
(2) it lets you fit six rounds instead of five into a small, light backup revolver like the 13.5 oz S&W 432PD;
(3) taking small game outdoors (it's a bit like a reloadable .22 Mag);
(4) for chronic sixgun buffs who just like playing with the caliber.
I have several fine .38/.357 revolvers, but I'd feel something was missing in my collection without my sweet 3" Ruger SP101 in .32 Magnum.
PS: Georgia Arms's ammo (see link above) is the factory .32 Mag defensive load of choice. It's a 100 gr hollowpoint that's loaded hotter than the competing Federal and Black Hills 85 gr JHP loads. It's still easy to shoot, but you notice the extra oomph and the sharper crack! The prices on GA's website are a little out of date -- I believe the .32 Mag is now going for $12.50 / 50 rounds. That's still a good price for new ammo in this cartridge.