retractablezing has described the sound of the 388 about as well as it can be. Neither hi or lo-fi, but somewhere in-between. Lots of character that is pleasing to hear. I'll never sell mine.
Here's another project done almost completely on a 388;
Willoughby on MySpace Music - Free Streaming MP3s, Pictures & Music Videos
Gus Seyffert's
Willoughby project basically shows off the sound of a typical, well-maintained 388 deck; warm, round, thick sounding, no ultra-low end, rolled off upper highs. Great sounding, nonetheless.