I remember some time ago someone writing about compatibility version defaults for 3.2 that should be put to 3.2.

I'm using oVirt nightly in all-in-one config as of

 ovirt-engine-3.2.0-1.20130101.git2184580.fc18.noarch

but compatibility versions defaults are still 3.1 both for local_datacenter and local_cluster and Default Datacenter and Cluster

Gianluca