Half the year I carry a Walther or Clone FEG 32acp. And I feel 100% confident in it's abilities. When I compare what that 32 can compare with the 380, I have no problem choosing the 32.
380acp: Gold dot ammo: 90grain, 900fps, 196 ft/lbs. Golden Saber:102 grain, 940 fps, 200 ft/lb; Win Silvertips:85 grain, 1000fps, 189 ft/lb
32acp: Fiocchi HP: 60 grain, 1200 fps, 205 ft/lb; Fiocchi FMJ:73 grain, 908 fps, 155 ft/lb; Buffalo Bore: 75 grain, 1150 fps, 220 ft/lb
I feel quite comfortable with that 32auto coming out of the walther or FEG. The 32 can almost equal the 380, and the 380 and 32 are quite satisfactorily when defending in public and carrying. Throw in the adrenaline, heart beat, sweating, stress, fear, etc... Then take away the recoil, noise, etc... that the larger calibers provide; and the 32/380 can actually be more effective. Especially if you can pop 7 rounds on target as opposed to 2 or 3 from a larger gun because of all the issues mentioned.
Don't get me wrong. The other half of the year when the weather adds more clothing, I carry a SigSauer P220 45acp. That just happens to be my most favorite gun in the world. Plus, because of winter time and more clothing on the Bad guy, I prefer the capabilities of the 45acp. However; in the summer/warmer months; with a simple shirt or possibly light jacket, the 32/380 does just fine.