You know, I've never really studied and come to a conclusion of why I feel differently about 4:3 images compared to 3:2. I believe a 4:3 image has a little less frame on the sides, along with more on the top and bottom, at the same focal length. For most people this is probably hardly important, but I prefer 3:2 and if you crop a 4:3 image to 3:2 you end up losing rather a lot of what was in the frame (and the left and right edges end up a bit tighter than they would be with the same focal length on an actual 3:2 sensor). So a 40mm-equiv on 4:3 somehow seems both wider and tighter at the same time, just based off the way I subconsciously react to it.
3:2 has always seemed more artistic to me - not sure why, although I suppose it is closer to a cinematic angle than 4:3, and most old computer screens, ATM screens, old TVs, etc, are 4:3, which has always seemed like just an awkward format to me. Others swear by it.