Slower boot, but better performance
On my G4 DP 1.25, the boot time more than tripled compared to 10.3.1. I've got four apps set to launch on boot (mail, ichat, stickies, isync), and now they all launch very, very slowly (i.e., stickies icon bounces, then 20 seconds later a note actually opens). 10.3.1 booted and launched everything in about 25 seconds. 10.3.2 takes more than 1.5 minutes. (This is after repairing permissions and rebooting a few times.)
Boot time isn't a big deal, as I only boot once a day when I fire up the system, but it sure doesn't inspire much confidence. And I've lost my quick-boot bragging rights.
As others have noted, iPhoto performance has been greatly improved (2000+ photos, launch is about 6 seconds). Overall, the interface feels a bit snappier, though I can't quantify it. App launches are generally faster (FCP is about 4 seconds faster, Photoshop CS about 6 seconds faster). Don't notice much difference in UT2003.