SIM5360 is a more advanced version of SIM5320 and below are the differences i observed between them,
Network connectivity :
SIM5320 is a Dual band HSDPA module and can provide data download speeds upto 3.6Mbps.
SIM5360 is a Dual band UMTS/HSPA+ module and can provide data download speeds upto a whopping 14.4Mbps.
Both modules support all bands of 2G networks for fallback when there is no 3G network available.
Variants available :
Both modules come in A,E,J variants where,
SIM5320A & SIM5360A are meant to be used for American market
SIM5320E & SIM5360E are meant to be used for European market
SIM5320J & SIM5360J are meant to be used for Australian market
Audio interface :
Even being a more advanced and newer module, Analog audio interface has been stripped off in SIM5360 where as SIM5320 has Analog microphone and speaker interfaces.
This is the major reason why i had to switch from SIM5360E to SIM5320E in the last stage of my audio detection device design.
Because, SIM5360E needed additional PCM codec chip to connect microphone and speakers to it, which made the design complicated and expensive. Also the reference designs for SIM5360 audio interfaces recommend outdated Audio codecs which are not easily available.
I must say that in my experience the audio quality during calls is very good on 3G module SIM5320 compared to 2G modules like SIM800C, may be due to more bandwidth being available.
Both the modules have same dimensions of 30*30*2.9mm
Are they pin compatible?
No, they are not. SIM5320 has 80 pins and SIM5360 comes with 82 pins. SIM5360 comes with a extra diversity antenna available on these extra pins.
GPS functionality :
The SIM5320 is GPS only module and SIM5360 supports GPS along with GLONASS.
Operating voltage :
Both modules operate from 3.4V to 4.2V .
AT Commands compatibility:
SIM5320 and SIM5360 AT commands are compatible with each other. But, AT commands for TCP and HTTP are somewhat primitive and i find that the AT commands for newer modules like SIM900 and SIM800 are much better and easier to implement.
SIM5320 is priced around 22USD for sample quantities
SIM5360 is priced around 23USD for sample quantities
Which module should you choose ?
If you need analog audio features, GPS functionality and normal 3G data speeds you should go with SIM5320
If you need higher data speeds (if supported by your network) and GPS+GLONASS functionality then go with SIM5360