Quarter to Three has an excellent article detailing the history of 38 Studios as well as some analysis of what brought the company down:
http://www.quartertothree.com/fp/2012/06/04/what-happened-to-38-studios/
UPDATE: A follow-up article:
http://www.quartertothree.com/fp/2012/06/08/could-big-huge-games-have-saved-38-studios/
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