I have put 100+ rounds of the Fiocchi SJHP thru my P-32. I have had no problem with functioning. The round has gone off everytime I pulled the trigger. I can't speak to the accuracy of the round. The P-32 is just not that sort of gun. at least as I use it- weak handed and at short range. The recoil is not noticeably different from FN or S&B FMJ to me. It is one of the longer HP's, however, I still use a flywire from Kel-Tec to eliminate any possibility of rimlock though I have never had an incident of rimlock before I installed the wire.
After experimenting with several brands, I settled on the Fiocchi SJHP as a carry round for my P-32. It is my belief that you cannot get both penetration and expansion in something with the energy levels of the 32 acp. I chose penetration, but I still desire at least a full caliber wound path. ( FMJ's tend to have rounded noses which give you less than full caliber wound paths.) My results firing this round thru denim into ziplocs filled with water in a Fackler box show the same results as Golden Loki's tests- that the round penetrates like a FMJ and I think a bit more- namely that the exposed lead nose will deform to give you a slightly over full caliber, wad cutter profile- one similar in my opinion to that made by a 38 special wadcutter. The exposed lead deforms into a ring of about 36 caliber though after the round turns 180 degrees about half way into the test medium, half or more of the lead ring is eventually torn off as it travels backwards. I've fired at least 5 rounds into water. Every round has performed the same; deformation into a wadcutter, no classic mushroom expansion.
I like the round myself and would recomend it for whatever that is worth. Incidently, I buy it from Georgia Arms in fifty round boxes.
Regards-conwic