I'm not a tiny wristed person and have the 38 with BCB. It's not tight-on the 5th hole. I usually wear large watches and the 38 seems small-but it's less obvious. People that have seen it don't immediately notice it as an apple watch. I like that it's less conspicuous than a large watch.
I did the survey that Apple sent about the watch and there was a question, "What is one thing you would change about the watch?" and i answered a longer band. I'm going to switch it out once I find something I like.
Just a point of consideration. the photos here show more watches that look oversized than undersized. It's your preference.