Vive la difference!
* If finding ammunition is not an issue, but weight/recoil is an issue, then .32 H&R Magnum has many advantages:
* For a lightweight revolver for slipping into a pocket, or carrying IWB with lightweight clothing (athletic, fleece, etc), an aluminium frame .32 Mag weighs very little;
* Since in those circumstances, you are probably not carrying a bunch of spare ammo, the extra round in the .32 Mag cylinder (as opposed to .38) is helpful;
In a lightweight carry revolver, the .32 Mag recoils noticeably less than the .38 Spl, which makes hitting the target easier and faster.
Is .38 Special "more powerful"? Depends on how you compare them, but overall yes it is. But I find the difference not worth in comparison to the recoil. Heavy .38 Special +P loads are a much better fit in a steel frame gun in my experience. What about "Lite" loads in a .38 Special? Might was well use the .32 Mag and gain the extra round.
Ammunition at the moment is the problem with .32 Mag - like a lot of other great rounds. Factory JHP ammo is often made from unobtainium, and practice ammo is hideously priced. You just about have to reload for this round at the moment.
9mm has ruined everything with
panache.