I have purchased the 5400 model recently and I can confirm that it can be set to brew 2 espressos/coffees/americanos, where it will separately grind beans for each serving. It however cannot be set to brew 2 cappuccinos or lattes (because of the milk foam).
The main difference between the 5400 and 3200 models, is the control panel. The 3200 model has a simple, touch control panel with 5 coffee recipes and easy operation. It also gives the option of 2 cups of coffee/espresso/americano. The 5400 has an LCD touch control panel with more than 10 recipe presets, it allows 5 different user profiles, I think it has a different LED lighting array. But when it comes to the basics, the 3200 has the same overall dimensions, the same grinder, the same hopper, the same brew-group mechanism, and the same new milk foam system. The 3200 is more energy efficient. And surprisingly, the 3200 is slightly more expensive than the 5400 at Galaxus :-) [as of today]. I have been very happy with the 5400. I chose it because of the compact dimensions and because I can remove the water and coffee-grind trays from the front, without having to move the machine or adjust the brewing nozzle. Most importantly, it brews a great coffee based on all the available settings (including the ability to set the coffee at a high temperature). Good luck with your purchase decision!