There is a significant number of 32 caliber handgun addicts here at Cast Boolits--just hide and watch, we'll all be coming out of the woodwork in short order.
Scott touched on a subject tangentially that has been a question I've pursued with some vigor as both a hobbyist and as an expert witness/investigator in lethal force scenarios and ballistics venues. That question or inquiry series would be "What changed over the past 125 years of cartridge arms in self-defense roles that caused the near-demise of the less powerful/smaller caliber sidearms in those venues?"
Medical factors--most gunshot wounds are dirty, germy, infectious messes. This was common knowledge after our national experience in the War Between The States. The dissuading effect of likely infection and slow, painful recovery or agonizing death from a pending gunshot injury cannot be over-emphasized, and such dissuasion figured highly in an assailant's threat assessment well into the early decades of the 20th Century. So a diminutive top-break 32 caliber revolver held the potential in 1900 of being just as lethal as any large-caliber sidearm or rifle--and with a more lingering, miserable journey into that good good night, as well.
The modern scenario medically is radically different. If the ballistic trauma itself has not caused organic destruction inconsistent with maintenence of life, the array of antibiotics and pain management agents provide a pretty good oppurtunity for a gunshot victim to survive the incident. This too has become common knowledge, especially noted by the hood rats and thug culturists that make up our criminal element. This variable is part of their mindset, and is aggravated by use of mind-altering substances. In short, a lawful defender (citizen or LEO) is potentially more likely to be obliged to project lethal force in current times than in the past--simply because gunshot wounds have been made more survivable medically.
Legal factors--125 years ago, if a citizen was obliged to fire upon an assailant for some reason, it was almost assumed from the outset that said citizen likely had a good reason for doing so. Society seemed aware that vicious people were abroad, and that such persons were prone to prey upon others for various and sundry illicit motives.
While in reality that situation remains unchanged, the legal landscape has altered radically. A LEO or citizen who projects lethal force will be obliged to justify those actions, and that justification will be raked and sorted with a very fine-toothed comb. Regardless how well-justified the defensive action may have been, the self-defender will likely face lawsuits, threats. and negative publicity ad nauseum.
Another change in the legal landscape that has REALLY altered the playing field.......125 years ago, it was considered good public policy to fire upon suspected fleeing felons irrespective of their status as being armed. Society felt it was intrinsically good to capture suspected felons by any means possible, in the interest of preserving public order. In such a situation, lower-powered sidearm calibers served well, given the likelihood of resulting infection as above--the bullet as "marking pellet" assured that the perp would either seek medical assistance and thereby be identified, or expire on his own and relieve society of the need and costs of trying him. A very different world, indeed--where value judgements favoring the law-abiding were the order of the day.
A profound shift occurred during the 1960s, and society's view (or at least the legal sub-culture's view) changed on this subject. Firing upon fleeing suspected felons became frowned upon, esp. upon unarmed recipients. By the time I entered LE in late 1977, the rules of engagement forbid firing upon fleeing unarmed felons outright, and fleeing armed felons were a definite gray area. I played by the rules, since I liked having the job.
But the unintended consequences of such strictures remain with us--felons are NOT obliged to flee, esp. from citizens, and the net effect has been to make confrontations occur at MUCH closer quarters and "on the offensive" with deadly force often deployed. This alone has done more to cause the decline of small, less-powerful sideiron for CCW. I carry ALL THE TIME. I carry a 357 Magnum, 40 S&W, or 45 ACP. The 32s and the 38 S&W are recreational devices. If those lighter calibers were to be pressed into defensive work, all shots would be placed in the Brain Housing Group via eye sockets. Yes, I practice such moves. Twice monthly.