Grade 38 is awesome. I think it will start to overtake grade 5 as the basic go-to ti alloy for general stuff. It has a more wide range of applications and is very heat treatable. It's the most "steel-like" ti alloy I've found yet, and makes the best slicey knife edge so far. It's quite new as an alloy.
Compared to grade 5, grade 38 has a little bit less aluminum-to-vanadium ratio. Aluminum keeps the ti more springy and soft, vanadium makes it more hardenable and stiff. The main difference though, is that grade 38 has 1-1.5% iron as an alloying element. The iron is very potent and drastically affects the alloy. In ti, you could think of iron as the alloying element equivalent of carbon in iron. It has a similar effect, and one could think of grade 5 as a "low carbon springy steel" of ti, and grade 38 as a "high carbon steel" of ti. Hence why raw grade 5 bar stock likes a tungsten carbide edge, and grade 38 doesn't need it because it can be hardened.