Should I be concerned about the following?
My provider will be upgrading to PHP 5.3.2 and MySQL 5.1 libraries.
Not at all, when we say "or greater," we definitely mean anything greater than the listed version will work just fine. :)
While you're at it though, you might want to ask your hosting provider to upgrade you to PHP 5.4 or greater, since PHP 5.3 is officially out of date as of 4 days ago. ;)