The AT command reference lists a command to enter the '32Khz Power Down Mode'. What is the power consumption in that mode. What is the delay required to go from low power mode to placing a call?

In 32kHz power down mode, the power consumtion of the GSM modem module drops to about 5mA. The 32kHz mode is not really "power down" as the name implies. It is low power.

There is virtually no delay before using the modem after turning on DTR to come out of the low power state.