3.2 is insufficient, this graph is from a 5000mah 30c pack on a MMM, LVC did not cut in at all, the sampling rate of the LVC seems to be too large so it's not very sensitive. I recommend a LVC of 3.5V a cell to prevent a nearly depleted battery dropping below 3v/cell under load.
I just hook my mmm to the computer an it says for a 4 cell lipo cutoff should be 12v . so is that at 3v per cell?
If you are using high end/quality lipos, I think the 3v/cell is fine. The cheapy/lower quality cells usually won't hold voltage as well and likely need a higher number to prevent over discharge as shown in fastbaja's graph.