I cast up a whole bunch of the 148 grain wad cutters and they look fantastic. Sized and loaded a dozen with 3.0 grains of HP-38. Haven't had a chance to test them at the range however. Strange looking loads...
They only look strange to you because of your age. At one time, .38 Spl., wadcutters, and off-hand paper shooting was king of the range.
As for the utility of wadcutters, they are a good bullet for all .38 Spl./.357 revolver shooting for everything
except perhaps long-range shooting (it is said that wadcutters lose out to semi-wadcutters at long range). My only issue with wadcutters is that they are not as easy to use with speed loaders compared to round-nose bullets. The flat front edge of wadcutters do not guide the rounds into the chambers like round nose bullets do. But at the terminal end, flat-nose bullets (wadcutters), will always out perform round nose bullets be it self-defense or rabbits.