Ye LMS 3.2 is still under support. We always recommend to go for the latest version of softwares, though the best choice is optimized as per the network and its requirement.

The core essence of Network Management is still the same in all teh version of software, but the enhancements and refinement in newer version makes them a viable choice.

Newer version comes with many bug fixes which are critical in older versions, new features, scalability and chances of better upgrades in futre with longer shelf life on your netwrok environment to avoid rapid changes.

You can try to download the latest version of LMS 4.2 Eval software and try to test it further to experience the diffrence yourself.

Now the LMS is evolved much more to Cisco Prime NCS and Cisco Prime Infrastructure.

For more details  :

http://www.cisco.com/en/US/products/ps11200/index.html

http://www.cisco.com/en/US/prod/collateral/wireless/ps5755/ps11682/ps11686/ps11688/data_sheet_c78-650051.html

http://www.cisco.com/en/US/products/ps12239/index.html

-Thanks