Hi John,
Release v3.1.4 is a bugfix release of v3.1 version. We do regular bugfix releases for the maintained minor versions. Compared to v3.1.3, release v3.1.4 contains only bug fixes.
Release v3.2 represents an increase in minor version. Compared to v3.1.x releases, it also contains new features. In the future v3.2 release will also receive bugfix releases, v3.2.1, v3.2.2, etc. At the same time, v3.1.x will also be maintained, and new bugfix versions will be released.
You can read more about the versioning scheme here:
https://docs.espressif.com/projects/esp ... ing-scheme
Whether you update to v3.1.4 or v3.2 depends on where in the project life cycle you are, and whether you need new features introduced in v3.2. If you are close to production stage, you may prefer to keep using the same minor version, and update only to bugfix releases. This offers better stability but no new features. If you want to take advantage of the new features added in v3.2, and your project timeline allows for additional time to test after updating, you may switch to v3.2.