I haven't shot the Pro38 yet but I have owned a 2005 Protec and currently own a 2005 ProElite.

If you are looking for a target bow then the ProElite is the way to go if you can cough up the extra $$$.
The Elite bows are much more solid at the shot and seem to hold steadier. Shot independently, both bows shoot very well, however when you compare them side by side, you can truly feel the difference in the Elite riser.

If your draw is 28.5" or longer, going to the XT3000 limbs will give you more ATA (approx 41.0") and make it a serious tack driver.

If you plan on using the bow for hunting, then I would say stick with the Pro38. While I love my ProElite the shoot through riser would be a real pain in the butt to load when feeding an arrow in backwards through the shoot through riser. For target shooting I slide my arrows between the string and cables, but that would go nowhere good with a broadhead tipped arrow.