The 32X is like the perfect example of "So bad it is good" game platform. Most of the games are laughably awkward on it, but many of them are quite fun. In fact, going by averages I would say that it has more good games than anything released this generation! Or last!
I love a lot of stupid things about it, like putting in those metal clips, or attaching all of those cords and pieces into the Genesis, along with the SEGA CD, it is like the ultimate console gangbang.
Err... Uhh, anyways! Kinect is in no way the next 32X. Kinect is forced and awkwardly added into the Xbox 360 platform in the same way as the 32X was to the Genesis, sure. The main difference here is that it is actually somewhat planned and they have no other major platform being released around the same time. They are also most certainly planning heavy budget releases for both platforms all next year, and likely the year after. Also, even if Kinect is a travesty in sales... Microsoft's endless pockets WILL make it eventually succeed and in some way (talking way, way into the future) it will most likely be the base technology of what is used in every television and probably homes in general.
In comparison, the 32X is just something that makes the console more powerful. On paper this is a fantastic concept IMHO, but nothing like what Kinect is, which is nothing like the base console.