Well, I have a Kel-Tec P-32 and an NAA Guardian .380 (not quite the same as the .32 but probably representative of the class.)
The Kel-Tec has the definate advantage in weight and price. And I'll give its sights a slight advantage.
The Guardian has the advantage in most other respects, especially in terms of perceived attributes. ie: the Guardian DOES look more like a "real gun." The P-32 is the gun that I'm most scared of my grandchildren playing with (and NO, they don't have access to my guns) because it does look so toy-like. And molded plastic parts are no where near as classy as stainless steel with a nice set of Hogue grips.
I won't comment on reliability. Both have had their share of problems and I don't think comparing the number of complaints on the board is of any real value in determining reliability. For one thing, I suspect there probably are 10 times more Kel-Tecs out there than Guardians. Sales tend to drop exponentially with price increases.
All that said, if I didn't own a .32 and wanted one, I'd do exactly what I did all over again. I'd buy a P-32. And if I wanted a gun that was roughly the same size and had roughly twice the muzzle energy I'd buy a Guardian .380.
BTW, I might point out that while the Guardian is a lot heavier than the P-32, it's still roughly the same size. (The Kahrs are considerably larger.) I carry both my P-32 and my Guardian .380 in rear pocket holsters.
PocketHolsters.com As far as concealability, both guns are dead even.
Tom