The humble yet faithful .38 snub has put a lot bad guys in a hole for a dirt-nap.
While it's true that modern polymer single stacks chambered in 9mm make for a flatter package that sports more firepower, I would never disparage someone for opting to tote around a snubbie for self defense.
My problem with the .38 j frame is that I simply can't hit much with it. I am much, much better with my 9mm LCR sporting a skinny boot grip, which rather surprises me. I'm actually good out to 25 yards with my ol' warhorse SP101 in .357 when it comes to keeping the rounds on a man-sized target. I'm actually a decent shot with my little .380 Pico.
The little .38 just seems to elude me. I'm all over the dang place.
That said, I have a 642 that rides in my coat pocket most every evening during cooler months. It's a little lighter than the LCR, and I keep it as a back up to my primary carry or what I'll have on my person if I'm not planning to carry on my belt. While I know it is capable of great accuracy at longer ranges, in my hands, a .38 snub nose (of the j frame size), it good for about 5 yards. In a scuffle, I would make for some potent medicine.
As for the rank? That's a tough one...
On one hand it IS very limited in capacity. It's also difficult to shoot well for most people.
On the other it's certainly reliable with it's "Five for sure" school of thought.
Personally I shoot a small .380 better and it gives me 2 extra rounds, but properly stoked .38 special more than makes up for that if you can land your hits.
A "compact" 9mm does provide more firepower and is easier to reload, but the ubiquitous little .38 is a sneaky little travel companion in a coat pocket.
I'll put it this way: First and foremost, I would prefer to carry a Glock 19 or something similar if I can dress around it. Barring that, I would pick my Pico simply because I can stash it anywhere and I shoot it very well.
My next choice would be the 9mm LCR. I shoot it well. Way better than the .38 version I had years ago.
My last choice would be the 642.
That is not to say that it's a bad choice. I would select it over any number of full size and micro belly guns. It's just my least favorite gun to carry regularly, if that makes sense
I dunno. Maybe I need to bite the bullet, drop 30 bucks, and go run some rounds through 'er. Maybe there is a bit more to the .38. Maybe I can squeeze out a little more performance with a lot more practice.