the commute isn't an issue for me, since we live 2 stops away if i catch the express train. There is no g&t in my district (16) and 38 is closer than the school for which they gave us district priority. That said, our grade has students from crown heights, sunset park, and rockaway beach (!), so plenty of parents are travelling in. The 8am start time is annoying, though.
l also highly recommend the g&t program at ps 38. As the other poster said, the class sizes are small (my daughter's kindergarten class had only 15 kids and her first grade class has 20 kids). Also, the teacher are really, really great. The kindergarten teachers (ms. Adams and ms. Ramos) are stand outs. My daughter has been thriving there and now in first grade she reads several levels above grade level, loves writing and science and is always eager to go to school. Because a lot of district 15 families seem to choose their zoned schools, the ps 38 g&t program takes a lot of kids from out of district. We got a spot from district 13.
I also have a child in kindergarten at PS 38, in the G&T program. We live in district 15 so I can't speak to the out of district questions. But we are extremely happy at the school, with the few caveats that bkdad mentioned. The teachers are wonderful, the class size is great (particularly compared to our zoned school and most others in district 15) and my son is thriving there. His teacher works with each child where they are at, and knowing that my son is more advanced in certain areas, she is also gives him extra activities and comes up with additional ways for him to learn beyond the curriculum in those areas. At least within district 15, PS 38 hasn't been as popular as the other G&T programs, but it was our first choice, and I think that the reason for its relative lack of popularity is largely unfounded chatter -- but at least that means that if you live out of the district you may be more likely to nab a spot! We were actually offered a late spot at NEST about 6 weeks after school started, and decided against taking it (which seems to shock many people), but we decided a smaller, more nurturing, less competitive and diverse school with great teachers was a better choice for us.