I personally can't care less about 32-bit, but unfortunately a few digital music stores I buy from use this format (delivered in WAV). And I don't want to downscale them simply for archival reasons. Now I can at least re-compress them losslessly in FLAC. (previously I have to use Wavpack, which isn't bad but I'd prefer to have a single format in my media library.)
ffmpeg can downsample audio to a more manageable rate. I use it to reduce hi-res flacs to 16-48, which cuts it down to a ~third of its original size and is supported in my car stereo and everywhere else. Can't tell any difference on playback.
I can't say I personally can tell the difference, but based on my (limited) knowledge of DSP, artifact-free resampling definitely isn't a straightforward thing.