I have one 32 S&W Long and with the factory ammunition I purchased, it would not rock my gong target at 25 yards. I was not impressed with the power of the thing. I did bump up the charges a little bit, but I have to keep in mind, this is an early revolver, I think the cylinder is heat treated, by the frame is most certainly not.
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In terms of self defense, it has to be in the 22 lr class. It will make a hole, don't know how deep, nor how wide.
I have seen the 32 S&W Long used by shooters in Bullseye Pistol. It is rare when someone shoots a 32 S&W Long, but, they are out there. Generally these guys have Pardini pistols and the changeover from calibers is easy to make. By using the same lower, the trigger pull and econometrics is the same between stages, and that is a real advantage for consistency. They use the 32 S&W Long because it has a very low recoil, and yet, is superbly accurate out to 50 yards. For a game where the shooter is simply punching holes in paper, it is a great round.
The 32 S&W Long would be better than nothing in a self defense situation, but only by a little bit. It is a great target round and the recoil is so slight anyone can shoot it well.