I'm familiar with both boats as after doing a lot of research I tried to purchase a Hood 38 but ended up with a Pretorien which we love.
GaryFWood is right about the headroom, the Hood 38 feels more open and does in fact have 2 or 3 inches more headroom. I've learned not to smack my head on certain spots in our Pretorien (I'm 6') but like GFW said if you're 5'8" or under it would be ideal.
I think the layout of the Pretorien is superior although it doesn't have as much storage space as the Hood. The Hood Mark I has the Swan/Baltic style companionway hatch
on deck (not in the cockpit) which was a deal breaker for my wife, and the MK II doesn't have a forward facing nav station.
You can't beat the anchor
locker(s) on the Hood, it has better engine access and a more usable aft cabin for guests. Most Pretoriens do have an old Volvo saildrive which in my view is undesirable, the saildrives are suspect at this point and replacement parts are expensive for the older Volvo engines.
The Hood, while only a couple of feet longer, has an additional 9,000 lbs. of displacement and 50% more sail area for better or worse depending on your point of view. Ted Hood has an explanation of his hull design theory in his autobiography if you're interested.
Either way, they're both well built, nice sailing boats.