I'm a huge .32 H&R fan, and have been for many years. I picked up a
The over-hyped marketing in the early 2000's resurgence of the 32 H&R is what nearly killed it. We were trying to bring it back from the grave, but all of the mis-marketing which claimed it matched the 357mag in Energy (when they meant velocity) really did it a dis-service. It took about 10min for anyone with any shooting experience to figure out it's not as effective as a stopping cartridge as even the 38spcl, despite having greater energy.
Now, does that mean it's not a viable choice? Eh, I often carry a .32 H&R, but I'd never recommend one over a 38spcl. In those very few instances where a shooter can't manage the recoil - HONESTLY SO - of a 38spcl, then the 32 H&R is a better choice than dropping down to a 22 mag or 22 LR by a long shot.
For the reloader, it's really not significantly more cost efficient to load 32's over 38's or 357's, and for factory ammo, there really isn't a savings to speak of.
Now - where does the 32 H&R really shine? Small game hunting! Most folks never bothered to employ their Single Six Vaquerito's as hunting pieces, and of course, the snubby little SP-101's and S&W Airweights don't really fit the bill, but when you transfer over from the defensive application to small game hunting, it's a very viable option. I purchased one of the Single 7 .327FM's, barely eek out any more energy than I had been getting from my .32 H&R mags (over book loads running .327FM pressure, effectively) and have been very happy with it as a bunny slayer, just as I have been for over a decade with many of the .32 H&R Vaqueritos. Lower recoil, smaller frame revolver, flatter trajectory, and more than enough power to reach 100yrds and put a hole through any bunny on the planet. THAT's what I love about the 32 H&R. The only revolvers I've come to favor more than the .32 H&R/.327FM for this purpose are the Taurus .17 HMR Tracker, and of course, the Taurus Raging Hornet in 22 H. Give me a Reeder conversion GP100 in .257 Banshee or .256win mag and I'd have to bump those down the list a ways though...
While I'm not a blued revolver fan, here's one of my favorite pairs of .32 H&R Vaqueritos: