I have a taurus ultra light 44 magnum that I have beat the living piss out of for the last eight or so years I've had it. As long as you go over it every once in a while and make sure all the screws are tight and such... guns are made to shoot. If there is a gun out there that can't handle a couple hundred rounds a week it goes in the scrap metal pile, I don't care what its use is.
Also have a taurus 605 - and though its just a small frame compact revolver and not an "alloyed" ultralight it is small... I've still ran some good hot .357 through it, and the only thing that gets broken is my hands.
Do a search of the 605 on this forum, there are actually quite a few of them around here, and people who really like them. They arent the titanium like taurus uses or the scandium and smith uses - they are an all steel frame, but they are small and carry very easily. - That gun definitely gets my stamp of approval and recommendation for a carry gun. It is in .357 if you need it, but as always can take 38 loads.
85's are similar in design, if you are set on a .38 only, it would be a good choice too.
Oh then go and buy a 605 in stainless. http://www.taurususa.com/product-details.cfm?id=247&category=Pistol