Like Pub Phil says, it does all depend on what the session is in aid of.
If you're doing it to get used to 10k pace you're completely doing it way too fast as the below shows.
38:00 min 10k = 6.06 per mile, which would be 800s in 3:01 (6.06/2 -2secs for full mile)
a 2.48 800 is 5.39 ish miling pace, which would give a 35.10 10k! I actually recognised the 2.48 straight away, as that was my designated 800 pace for 10k based sessions!
If you're aiming to develop your session into a 10k based session, i've a real doozy for you. It progressively builds from
4x1200 at 10k pace laps, 800 at steady pace
5x1200 at 10k pace, 800 at steady
4x1600 at 10k pace, 800 at steady
4x1600 at 10k pace, 400 at steady
once you come through that 4th week, you'll know you're in pb shape.
The key is to get your correct paces. For instance, at the time, as a 35.20 man, my 10k laps were 1.24, and my steady was 1.45.
If you set off at 1.24 pace, you won't come close to completing the 1st session, so i'd recommend you use 1.30 for your 10k pace (ie slightly quicker than current fitness), and perhaps 1.51 as your steady.
These are demanding sessions as you in effect don't get any rest, you just get to treat the steady laps as the rest.
However, successful completion of those 4 progressive sessions will guarantee you a pb.
The bigger challenges are when you've been racing for 10years or so, and each chunk you take off might be the last 
Edited: 29/05/2012 at 16:05