After having zero issues I lately noticed how starting P3Dv3.2 in my case failed where the P3D logo just remained on the screen and nothing more happened.
Tried checking the FI logs but wasn't much wiser after doing that. Finally I have found out what is causing it and how to work around it. In the past I didn't have to manually start the Oculus software before starting FI since starting FI would automatically launch the Oculus software. That is still the case but with the difference that if you allow FI to start Oculus automatically P3D won't start. If you on the other hand start Oculus manually so it's already running before starting FI all will be fine. At least that's the case for me.
I guess it must be some updates of the Oculus software that causes this changed behavior and thought I would post about it here if anyone else has the same issue.