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Welcome to the Forum. [img]smile.gif[/img] The laser line is actually not the cut line but a guide line. 3/8 of an inch between the laser line and the actual cut line is not acceptable though. The difference between the laser guide line and the cut line should be somewhere in the range of 1/16 to 1/32 of an inch. If your difference is really 3/8 of an inch, I'd return the saw or at the very least the laser disc.
~~Don't worry about old age; it doesn't last that long.
I just bought one a week ago too! yea it's only a guideline the lazer is cool but I have no use for guidelines. When I bought it I was compairing it with the DeWALT 12' miter saw sitting right next to RIDGID 12' miter saw at the same price and by far the RIDGID saw with out the lazer is a much better saw! My lazer will collect dust or show up on ebay.