There are quite a few tweaks to the 48RE. Steel rear planet vs aluminum in the 47, six gear planets vs five in the 47, rear clutch plates have more splines, forward band strut is slightly thicker, forward band uses different apply lever, single sided clutch plates on OD direct, more clutch plates, heavier sun shell, stator shaft has graphite seal vs no seal on the 47.
Thats about all I can think of off hand. Also the main case is a little different(on the 2nd gen). The 2nd gen 47 uses a different neutral safety/reverse switch than the 3rd gen 48 and im not sure about the 3rd gen 47.
When I built the 48 for my 02 the only things I re used from the 47 was the main case, reverse/neutral safety switch, and the forward band apply lever (which if you were to use the 48 VB you could also use the 48 lever)
The main reason I did the swap was to get rid of the weak planets in the 47 (mainly that damn aluminum rear planet#@$%!)