Yes sticking with 38mm.
The more understated the better for me.
That's more or less my point. Drawing a lot of attention to yourself flashing a brand new Apple Watch might be a little hazardous if you travel in public transit a lot. Not saying it's a major risk to buy the 42, but the 38 is more for the "understated" look as you identified it. I'm sure both sizes will be equally common in the public space in a few years.