I resisted posting something similar but reading this I will chime in to say this is my feeling too. My EL SV or rather FP 8x32 feels dinky compared with the 42 models in the EL line and for me at least that is more due to the slimmer barrels than anything to do with the length. I'd say it is a perfect hold for me whereas bigger ELs feel front heavy. In summary the EL 32 feels significantly more compact than the next size up and I wonder if that isn't part of its sales appeal.I also prefer the hand feel and ergonomics of the 32mm EL SV to the 42mm versions.
And shaving off~7 ounces is quite a bit when you're talking about a ~29-30oz starting point. To each their own, but I notice a major difference carrying around a 23oz binocular vs a 30oz binocular. That's a >20% weight savings. And by the same token "only" 10mm smaller in diameter means a >20% decrease in circumference. Again, it feels more substantial than it sounds (to me at least).
Added just afterwards:.. and I also wonder if the lower diameter won't make the NL 32 versions feel similarly more compact than the NL 42s despite the small length difference when just examining a photo or specs on paper.