This release just brings bug-fixes, translation improvements, and minor updates to the GNOME packages that were bundled following the GNOME 2.32 release in September. The release announcement for GNOME 2.32.1 can be found on the mailing list.
This is also potentially the last point release for GNOME 2.32, which is the last in the GNOME 2.x series with the GNOME 3.0 desktop set to arrive in March. There is no further scheduled GNOME 2.32 point releases per the GNOME Live page. Goodbye to GNOME 2 releases!