My boat is a 1986 with the engine under the galley sink opposed to in the rear. The key difference between the 38 and the 38-200 is the location of the head being forward or aft respectively. The -200 that have the sink coming out on an angle opposed to a sharp 90 degree to the centerline of the boat have the engine under the sink where as the -200's that have it coming out on a 90 have the engine under the companion way stairs. Also, our boat has the 6' 6" Keel that was standard for our year with the shoal draft being optional. That changed when PSC purchased Ericson and the with the shoal draft being standard and the extended keek being optional.
I like the look (more contemporary reflective of newer boats) of the angled sink configuration. It puts the engine weight closer to the center of the boat and provides more protection when getting beer out of the fridge in rougher condtions. At the end of the day, they are all the same exterior hull with the same TAFG layout and ultimately, great boats and even greater boats when you compare the innovation, craftsmanship, performance, and layout.
The boats are certainly not Hickleys, Oysters, or Swans, or Rosseys but there are also not your average boat by anymeans.
I think you would be hard pressed to find a boat that offers comparable value in the same size/price range. The CAL39 is one that springs to mind as they are great boats as well. I much prefer the layout of the 38 but feel the sailing attributes are very similiar.
Good luck shopping and hopefully becoming an Ericson owner.
regard
Shaun