The biggest issue with the P32 is a little demon called "rimlock". Being a semi-rimmed case, the .32 can sometimes have the rim of a upper round in a mag slip over the one below it and it will bind your gun up in a manner that you can't clear in a gunfight - IF YOU USE HOLLOWPOINTS...
Hollowpoints all have an overall case length shorter than full metal jacket ammo. Almost all FMJ .32 rounds are so long that there isn't enough room in the mag for enough movement to produce a rimlock.
Many "fixes" like spacers in the back of the P32 mag have been fielded by KelTec fans, but to condense this post by about 3 LONG pages, there is no advantage to using hollowpoints in a .32, full metal jacket from a .32 won't over penetrate, and using the right FMJ brings reliabilty back to nearly 100%.
Stay away from euro-milspec .32 ammo like Seller & Belliot, they use HARD military primers and you will have misfires. The .32 was considered a military caliber for years in Europe, and they still load the ammo for hard hammer hitting pistols like Walther PP's.
One KTOG member did a BUNCH of chrono and gelatin tests and one of the top three .32 FMJ's for accuracy, velocity and reliability was the Brazilian MagTech brand FMJ. I use them and have never had a rimlock or misfire from them.
Here is a link to his results:
http://www.goldenloki.com/ammo/gel/32acp/gel32acp.htmI hope this info helps - perklo