The .38+P has a good record for stopping folks and is easier to control.
This link has comparisons of ammo at various barrel lengths:
http://www.ballisticsbytheinch.com/357mag.html
Looking at that and Stephen A Camp's link, it looks like a 3" barrel will cost a person around 150-200 ft/sec compared to longer barrels (5-6"). That's around 15-20% less velocity, or squaring it gives a 30-35% reduction.
This link gives a good side-by-side comparison using a S&W 19 in a 2.5 inch barrel. The 357 still has quite a bit more power, and it is up to you to decide how the recoil impacts your shooting.
http://www.snubnose.info/docs/38-snub_vs_357-snub.htm
No one would consider a snubnose optimum for hunting or serious target shooting. However, things change for home defense. I've never used one on someone, but from the times I've gone investigating strange noises at night, I suspect my most likely shot would be one handed, from the waist, at about 3-6 feet. I'm not going to miss at that range, and I don't think recoil will bother me - I just want as much boom going into the other guy ASAP. A snub is harder for the other guy to grab, so I'm happy with 2-4 inches of barrel & full magnum loads for defense.
FWIW: The only time I pulled a gun on humans, it was a .22 revolver on 8 guys who seemed interested in robbing me at a remote place. Oddly enough, none of the 8 seemed to care that it was a .22, or suggest 6 rounds were not enough for 8 guys. That doesn't mean a .22 is optimum, but sometimes you go with what you have...
For shooting, I still prefer full magnum loads for the 'smile' factor. I'm supposed to pick up a Ruger Alaskan 44 mag today - it MAY change my mind. In that case, I won't feel under-gunned using it with 44 specials. Nor would I feel bad about using .38+P ammo. All just IMHO.