Funny this should pop up on the active thread list; I'm scheduled to pick up my new .32 Mag Charter Arms Undercoverette in Stainless from my local FFL on Monday.
I am getting it for the same reason as many of the folks here. I currently have a Ruger LCR .38Spl that I really like, but I have chronic tendonitis in my right wrist, and the LCR is not something I like to shoot at the range for very long. My other revolver is .22WMR. I've never had a small-bore (under .38) centerfire before, but my wife gave me a .22TCM 1911 for Christmas that I absolutely love, and it's given me an itch for a gentler centerfire revolver. The .32H&R Mag splits the difference: centerfire, and a valid choice for CCW, but still (hopefully) fun for recreational shooting. Also, with a choice of .32 S&W, .32 Long and & .32 H&R Mag, I have a really wide range of muzzle energies to choose from, depending on how my wrist is doing on a particular day (and what other guns I've been shooting). From what I have read, .32 S&W (short)'s muzzle energy and velocity is similar to .22LR. I am very eager to get all three and spend some time at the range.