As far as windward performance, in light wind and small waves (less than 2'), the W32 does just fine. Despite the bluff bow above the waterline, it has a relatively fine (slightly concave) entrance at the waterline. If I need to sail as close to the wind as possible I run the yankee sheets between the upper and lower stays for a flatter trim angle. Even with the genoa one gets a decent trim angle as you must consider that the bow sprit essentially gives you the same angle you could achieve on a 40' boat of the same beam. For any light air sailing you want to have genoa and/or drifter and a spinnaker.
Here's a video of my W32 sailing to windward (single-handed) in 10-15kts keeping pace with a Mason 33 (modified full keel cruiser) and then manuvering through an anchorage under mainsail (no motor). http://youtu.be/o-JiW2kC3ww
If I must get to windward in steep, short seas greater than 2' (the bluff bow above the waterline really hinders performance in those conditions), I will motor-sail. Otherwise I just ease off a few degrees and she sails fine. Bashing to windward in a boat that can do it well, while fun for a while, gets tiring quickly and is hard on boat and crew. Considering that a W32 exells (fast and comfortable) on all other points of sail in most any weather, I can live with motor-sailing when needed.
This boat heaves-to very simply by simply backwinding the staysail and tying the tiller off to leeward. Few boats of it's size (and price) would be as comfortable in heavy weather.
I'll second Norm's experience with being able to drive great distance in reverse with ease(occaisionally that is usefull). It can be a challange manuvering in tight spaces especially with significant wind or current. With the full keel, you really need to develope your skill using a blast of prop wash on the rudder to kick the stern around. I can essentially spin the boat around in place using that method.
I mainly sail weekends and 1-2 week cruises on Lake Superior.
Also, installed a Nature's Head 2 years ago and it really is great on extended cruises on the north shore where pumpout facilities are few and far between.