I am towing a 36' Travel Supreme with my new 2003 3500 w 48re automatic. I have owned both and 1995 3500 and a 1999 3500 both with the 47re automatic. I have just over 5000 miles on the new truck, and really like the 48re. It has NONE of the vibrations and confidence reducing characteristics of the 47re.
I live in Wyoming, and most of my trips are in VERY hilly regions. I towed my trailer over Powder River Pass last week, and had no trouble at all with heating, power, or anything else.
It is possible that a 5 speed automatic would be a plus, but with the addition of the 2nd gear torque convertor lock-up, this thing seems to really be a good transmission. I am well satisfied to this point.