Hello,
44mm refers to the inside diameter of the frame’s headtube, and is now pretty common on new frames. As you mentioned, it allows you to run whatever sized steerer you want (I reckon it’s one of the better recent ‘standards’ adopted by the bike world, hope it’s here to stay). A rough example:
1″1/8 fork – both top & bottom headset cups will sit integrated into the headtube;
Tapered fork – top headset cup sits integrated, bottom headset cup sits external of the headtube;
1.5″ fork – both top & bottom headset cups will sit external of the headtube.
You’re correct that 1.5″ equals 38.1mm; but this refers to the outside diameter of the fork’s steerer, which is not the same as the headset cup diameter required (in this case it’s 44mm).
Hope that helps, almost confused myself there. Give me a shout if you want any more info.
BTW, I’ve got a Cotic BFE with 44mm headtube, & it’s bloody ace. Get one!
EDIT: guys above beat me to it