no they have two totally different firmwares and construction. the S688 doesn't have touchflow like screen, so you can't use TWO fingers to zoom pictures. you can only press the buttons. Multitouch is useless tho, the cameras aren't decent enough to want to zoom anyways. it also has a built-in FM radio which the i32 doesn't have.
the WAP on this phone works actually, on the Hiphone i32, it doesn't work since the original firmware hasn't been updated yet and prolly never will. check out theses forums for info http://www.hiphonepro.com
75% are resending the phones to where they buy it since it lacks many applications. no games, no java and no GPRS/WAP.
however, the S688 works better so far, its pretty much like the P168+, P169, N8, M888, A8, A88+, P200 and A380i. theses all work fine.