For a private citizen and for self defense, I'll join the .38spl supporters. Shot placement always comes up in caliber discussion & rightfully so. Another thing to remember is why, and more particularly who, was involved in bigger & more powerful ammo choices.
The military moved to .45acp due to the need to stop a motivated enemy from fighting even after he'd been mortally wounded (in the Philippines IIRC). Law enforcement will need to shoot through windshields, doors, or other barricades sometimes, so the .357sig or .40s&w do a better job there. Modern military ammo needs to penetrate body armor, and FMJ 9mm is just their last choice option anyway (NATO compatibility, and NATO loads are roughly equal to +P I believe).
As private citizens, we have to be able to defend our shooting decisions legally, so we don't shoot through walls or doors at someone we can't identify, probably aren't in imminent threat from someone in their vehicle, and are unlikely to be shooting at someone with body armor. And most criminals (if not on drugs, or enraged) aren't motivated to fight to the death. I know, there are all kinds of low probability "what if" scenarios; personally I'd rather prepare for the more likely ones.
That's a long way to say, yes, .38spl and even .380acp would be adequate for EDC for the average private citizen.