While one phone is a member of a new 400 series, and the other is a 500 series device, the two handsets are far more similar than they are different. Both use 1.2GHz Snapdragon processors; dual-core in the 435, quad-core in the 532. Both have 4-inch 800Ã—480 screens, with the 532 supporting the Glance feature found on many other Lumias. Both have 1GB of RAM and 8GB of internal storage, and both support microSD cards up to 128GB. Both are 3G devices supporting up to 42Mbps HSDPA. Both have VGA-quality front-facing cameras. The biggest practical difference is in the rear-facing cameras: 2MP fixed focus on the 435, 5MP fixed focus on the 532.
These are basically the Nokia X devices, but with Windows Phone. They look very interesting and tempting, but I’m not exactly comfortable running Windows Phone on hardware this low-end; the operating system and its core applications will work fine, but most non-core Microsoft and third party applications are slow even on higher-end hardware, so I shiver at the thought of how they run on this hardware.