I seriously doubt it's the future of much of anything. It does have interesting characteristics and in some cases is thought to be superior to 357mag by some.
Here is a link to an American Rifleman article on this same subject.
I have an SP101 in 327federal mag and I really love it. As far as reloading there's not much of a choice of bullets to use. XTPs are all I can find around here. There are only about two companies that make bullets for the 32 cal that can stand that kind of pressure and velocity without breaking up on impact.