I used to be a big proponent of the "357 versatility" thing (and kinda still am), but I've been swayed by some arguments for just sticking with the .38 pistol.
First, just like with 9mm ammo, they've really figured out the technology and are making some very effective 38 ammo these days.
For hunting, obviously the 357 is the way to go, but I'm personally not much of a hunter (and especially not with no danged pistol!), but for home defense, where you'd likely be shooting inside the house, with no ear protection, the 357 is gonna be like a concussion grenade going off in your lap. The 38 is more forgiving, while still being very effective. I have a pistol in the house loaded with 38's, and have no desire to upgrade to 357's.
Also, 95% of the times I've shot any 357 revolvers, it's been with the significantly cheaper 38 rounds in it. I don't get enough joy out of the bigger 'boom' to justify tossing the more expensive rounds downrange.
Another point, the .38 pistol itself is cheaper, and typically much easier to find a real deal on (old Model 10's, etc.) than anything chambered in 357.
So, if you really need a 357, then that's cool, but I'm starting to feel that the economy and acceptable effectiveness of the 38 pistol/round, often make it more practical than a pistol chambered in 357, particularly in self-defense, or general plinking applications.