rolltide has a good point about size and being able to hide a .32 Vs. a .380. To my knowedge the Seecamp is the only gun that shoots both .32 and .380. In the case of exact same sized guns
Kel Tec P3AT would be my choice. I saw a P32 at a recent gun show for 200 and passed. There weren't any P3ATs there. Had there been for that price, I would have probably bought it. I have a Grendel P12 that is a decent gun and carries 12 rounds, but it's bigger, about half way between a P3AT and my P11 9mm Kel Tec. I don't often need to carry the .380, though, can almost always carry the P11 now days and I feel a lot more comfortable with it or a snubbie .38 than the .380.
I've thought a lot about the .380 lately, what with the warnings of insufficient penetration on this site for hollow points. I've always carried a 90 grain Hornady XTP, but penetration is a good point in this wimpy caliber. It doesn't have the bullet weight of a standard .38 which makes about the same energy, but which should penetrate a lot better. I cast a 105 grain SWC that is very flat point sharp shouldered, yet feeds 100 percent. It's actually a .38 bullet, .358", which I size and fire in 9mm and .380 because it's reliable, free, and very accurate. I worked up a pretty hot load for it in .380 making about 220 ft lbs that shoots really well in the Grendel. I'm thinkin' it might be the perfect compromise between ball and hollowpoint for the gun. I might load some more of 'em up as the ones I have on hand are rather old. I don't know when I'll carry that gun next, though. Don't often tote it. It sure is easy to hide, though.
I got no use for the .32. To me, it's not much more than a .25. I'm not real comfortable with the .380, but I understand the need for it in the carry battery. It fits a concealment niche. There's really no need for the .32 since it's no smaller a platform than the P3AT and even if there is one out there smaller, if you can't conceal the P3AT, you're naked.
And, BTW, regards to the P40, it's my understanding that it was a good gun that too many people couldn't shoot without limp wristing it. I have no personal experience, though. It got dropped because KT wasn't willing to suffer the bad rep from the folks that couldn't handle it is the grape vine on it, though. I'm sure the PF9 will be fantastic. It's P11 upper and P3AT trigger group, known entities.