I have grown to really respect the .32acp cartridge. Over the years, I've shot all sorts of non-typical targets to break the monotony (old books, propane tanks, empty fire extinguishers and the such) and find the .32acp 73gr FMJ will certainly penetrate.
I find things that a 9x18 or .380acp won't always penetrate is often punched through with the .32acp. Of course this is due to the caliber and bullet profile and not in any way having to do with having more "power", as it takes a back seat to both the 9x17 and 9x18 in terms of energy.
However, if penetration is something one is looking for, the .32acp FMJ can provide it.
I have little doubt the little 73gr .32acp pill will punch through the snot locker and into the brain case of anyone unfortunate enough to encounter one in combat. I also have little doubt it has the capabilities to penetrate any major organ from a frontal shot. I guess that's why it was considered for so long to be an adequate cartridge for military and police in Europe.
As for .32acp in JHP flavor, I'll pass. Besides risking rimlock with certain pistols (my P32 being one of them), an expanded .32acp, IMHO, will come at the sacrifice of its greats attribute, penetration.