I own a model 438. When I bought it, I really liked the bodyguard style. I thought it was a great compromise of having a snag free design while maintaining the option for single action.
However, now that I have owned one for a while, I think all the bodyguard revolvers have a disadvantage which is not frequently mentioned. It is very difficult to decock these revolvers safely.
I was taught that if you have cocked a revolver, and then you decide not to fire, that you place your off hand thumb in front of the hammer, before you lower the hammer with your strong hand thumb. That way if you lose control of the hammer, it still cannot drop. With the bodyguard style hammers, you cannot place your thumb in front of the hammer. And it is difficult to get a firm grip on the hammer to control it while decocking.
Because of this design, I believe a bodyguard revolver should only be cocked in circumstances where it will definitely be fired. I almost always use my 438 in double action mode, and I now think the DAO 442 is better for most uses. The enclosed frame of the 442 really helps to keep dirt out of the revolver. A lot of dust and pocket lint can collect in the hammer shroud area of a 438.
With all of that said, I think a 438 might still have advantages in open country or for animal related problems. But I am not as excited about the bodyguard style revolvers as I once was.