For the guys saying they wouldn't trust a .32, I don't think that opinion is crazy to have. The biggest issue for me though, would not be ballistics, but rimlock, which actually doesn't seem to be an issue in any reviews I've watched. At least, not for any of the name-brand guns you guys are mentioning.
Ballistically, the .32 has the kinetic energy of a decent .22 round, but with a much larger diameter bullet. That to me, still has some merit. Only issue being penetration, so I'd go FMJ. But as a guy who regularly wears basketball shorts and dresses like a bum, a Kel-Tec P32 has a lot of merit. I've only shot a .32 once, it was an NAA Guardian (I believe), but the lighter, tiny P32 seems like a great gun in comparison. Likewise, .380's aren't the easiest to handle. A .32 will be more accurate during rapid-fire, will usually give you at least 1 extra shot, and because of these factors, your hit ratio would be higher. More, weaker rounds on target, compared to fewer stronger ones. It's at least equal, if not better. On paper. IMO.
The only .380 I've shot, was in fact the Glock 42. And just visually, it did seem bigger than other .380's I've looked at. The way I would want to carry, it could be a dealbreaker. Am I the average guy? Probably not, but as a niche, there is a place for a tiny, light .32.