Jack,
I would not hesitate to recommend the 40CFE IF version, sharp from wide open onwards, with great contrast. This lens actually resolves more in the central portion than the 38 biogon according to Zeiss, and i am inclined to agree having owned both at the same time, and now only the 40, and it's in another league to the previous 40CFE. Another reason is that the 38mm will have some color shift due to the non retrofocus design, so will require correction, though with somtimes less than predictable results.
The only downside for the latest 40 is that there is more distortion than both the 38mm and the previous 40 CFE, as Zeiss decided that considering the new IF 40mm was going to be used for digital, the tradeoff of sharpness to the corners and fantastic contrast at all apertures, outweighed the distortion factor as this is more easily corrected in P/S, hence the design limitations chosen. Another reason to choose the 40 over the 38 is the ease of SLR viewing compared to distance scale of the SWC, and additional use of a focussing screen adapter which is a bit of a pain, but usable.
Gary.