I'd go for the F20. I needed some time to get used to its smallish clicky, but now it's one of my favourite edc-able lights. The minimalistic design and the square threads are great, it feels solid and very reliable.
There were lots of 14500-failures with the F20 in the beginning but I'd say DX should have sorted that by now in their own interest.
The Hugsby P3x however looks fugly to me (but I seem to be rather alone with that opinion). The only advantage I can see is less modes. On the other hand, it has no mention of mode memory, and the memory of the F20 works great.
Until the P32 is in people's hands and is tested properly, I would go for the F20 even though I do not like the switch much. I don't actually own an F20, but have a Uniquefire S1 and an Akoray K-106 both of which use the same body.
The F20 will take a 14500 cell for silly brightness, the Hugsby will not. The F20 will therefore be considerably brighter at the high end, but will probably not run for as long as the Hugsby. I own a lot of crazy bright lights, the P32 if the low is low enough might be a more useful general purpose light.
Or it might not. Hopefully KD won't take too long to ship it to me and I can find out.
I own the F20, and it is one of my most used lights. The design is simple and practical, and it appears designed to tailstand despite manufacturing variation, unlike other lights, which sometimes tailstand and sometimes don't. On the other hand, I suspect that the P32 will have better quality and lower failure rate than the F20. I think the production volume of the F20 is so high that they put out a lot of batches, and you just never know what you'll get. Mine needed to be cleaned and tightened to be reliable. The mode memory doesn't work well, it takes about two minutes to kick in. But it's still one of my favorites, with a very low mode, and a very bright (on alkaline or NiMH) high mode.
I can't speak for anyone else but I have both the TrustFire F20 and Akoray K-106 and the F20 is a better light than the K-106 IMO. What happened to me was when I first got the K-106 I used a AA nimh battery and it worked fine but as soon as I used a 14500, it stopped working with nimh or alkalines. It now only works with a 14500 but just not with nimh or alkalines.
The F20 on the other hand works great with 14500's, AA nimh and AA alkaline batteries. It's a solid, well built and very reliable torch and is one of my favorite edc's.