I've heard rumors that the T-38C will get an upgraded seat, but every time the rumor comes up it's followed by the hard fact that trainer upgrade dollars are hard to come by, and that particular upgrade keeps getting pushed off to "later".
The T-38 seat is just fine if it's used "in the envelope" and the envelope is fairly good for a 30 year old design, but it's undeniable that there are some T-38 fatalities in the last decade or two that may have been survivable if the seat had been more capable.
I don't think it's a particularly BAD seat though... It just has a limited envelope. Remember that I've spent around 700 hours in the T-37 and it's seat is pitifully weak compared to the T-38 so my pity factor is pretty low. The main issue I have against the T-38 seat is that pilots on the heavy or light side of the envelope may have serious problems during ejection...
There's no reason why any non-ejection seat aircraft shouldn't have inertial reels... They're just heavier, more expensive, and more maintenance intensive than fixed-length shoulder harnesses. Serious acro pilots want harnesses you can snug down really tight, but someone flying a high performance plane could conceiveably want inertial shoulder harnesses for the added comfort.