Ballistically? There's not a ton of good JHP loads, but they're out there. The Hornady Critical load, the Federal JHP load, and some of the newer loads seem to be good. You could also use wadcutters, for the same reasons you would in a .38. Lost River, High Desert, and Buffalo Bore all load them.
In self-defense, as a BUG for LEO or a CCW citizen, its good enough to me. Won't deal with glass or barriers very well, but if you shoot a normally clothed adult male in the upper thoracic 3-4 times with a decent .32 load, I'd imagine it would get you out of whatever trouble you're in. And it's easier to do that with a .32 than a .38.
Plus, even though there's tons of good performing .38 out there, it all kinda sucks to shoot, once you put enough ass into the bullet to get a .38 to expand out of a 2-inch gun, which is why a lot of us use wadcutters in a .38.
To me, the big advantage of a .32 is that you can practice with an AIRWEIGHT gun like you would a full size. I've shot revolver classes with my 632 UC, using .32 longs. Even if we used waaay downloaded .38, like the old Winchester Winclean JSP 125 gr load that barely clocked 700 FPS, 2-300 rounds of .38 in an airweight gun in a day would wear me out. .32s do 85-100 grain bullets doing the same velocity, which I can shoot all day.
Course, you could use an all steel 38 snub and get a similar effect, but then you're compromising your lightweight easy to carry snub.
In summary, even though I'm a huge ballistics nerd, I also don't really care about ballistics. A .32 is something I can practice with a lot comfortably out of my actual carry revolver, and that counts for more than some perceived ballistic advantage for a larger caliber.