UPDATE: Wordpress 3.2 running Classipress 3.0.5.4
I've now updated my test site and then my production site to Wordpress 3.2 running Classipress 3.0.5.4 and it appears, at least on our site with our combination of plugins, theme customizations, etc. that the core theme functions and everything are running fine without issue after the update. Here is the site if you want to see of yourself:
Salt Spring Exchange | All things Salt Spring Island