I just had my initial solo in the 38 yesterday. It's a tricky airplane to land, for the reasons that Toro said. The numbers that Toro gave were for touchdown speed. I'm not sure about the numbers that Fluff gave, unless he's flying the 38 C model and it has different speeds.
In the A model, full-flap and 60 degree flap final approach speed (or bug speed) is 155 plus 1 knot for every hundred pounds above 1000. Below 1000 pounds total fuel, approach speed is 155. Final turns are flown at 20 knots above bug speed. Touchdown speed is computed at 25 knots below final approach speed.
No flap finals are flown at 170 plus one knot for every hundred pounds above 1000. Again, with fuel below 1000, 170 is used. Final turns are 20 knots above that.
Here at Sheppard, the T-38 washout rate is relatively low. I don't have statistics to back it up, but if I had to guess I would say that on average each class of 25-30 coming into 38s (STS) would lose 1-2 studs by graduation.
Flaco