Here's a few facts and differences between the 45' and 47' PILOTHOUSE models;
45's were built from 1984-1993:
About the 4788: Built from 1994 - 2002- in Washington State and Maryland (00 last year built in Maryland) not many 2002 models were built due to change over to the Meridian name. Most dealers received the news of the elimination of the Bayliner line and hence the fact they will no longer be dealers as early as March 02 when they attempted to order more 4788's. Most all of the 03 490 Meridians were simply 02 models delivered to the dealers with HIN numbers changed to 03 with decals on them saying "Meridian". The VERY desirable High Gloss Cherry wood interior was ONLY available in the 2002 models. We were hoping that ALL the Meridians would have this interior but it was not to be. The company really didn't listen to what buyers were wanting which is one reason they quit producing the boat due to "falling sales"- THEY WEREN'T falling at ALL in 02 when Brunswick decided to pull the plug on the marque. Dealers couldn't get enough to satisfy the demand in 2002.
It's MY opinion that the 4788's are VASTLY superior boats than the 4588's in construction, fit and finish and mainly for less use of wood in their construction.
THANKS to Schommer, Rob H for the following (with some tweaking and editing) information which was posted on the Bayliner owners club website:
Cummins engines standard from 1996 models onward. Some early 97 models also had 315hp Cummins and no Corian countertops. These obviously were left-over 96 models with just the HIN number changed. The value of these 97 models will be substantially less than the 97 models with 330hp engines and Corian countertops, along with framed windshields, "burl look" dash, and thicker railings.
330hp Cummins were standard from (most) 1997 models onward with 370hp Engines available as $18k retail option and almost $10k for the dealer! SOME 330hp Cummins engines can have the horsepower boosted to 370hp IF they have the German Bosch fuel pumps- IF they have the Japanese electronic fuel pumps the horsepower cannot be boosted.
Hino 310HP engines standard in 1994 - 1995 models. Marinizing parts are getting hard to find and outrageously expensive when you do find them. Manicoolers are running $8,000.00 each IF you can find one.
More streamlined look- radar arch leans forward.
I've found that if you're going to see blisters on a 4788 it's usually on the 95 models. I've even seen the gel-coat peel off the hull as it wouldn't stick to the glass. Some have been repainted or re-gel coated due to this problem.
RE: Prices: 2010 updates They've bottomed out and now I see them holding steady to the prices of those that have SOLD- which is NOT THE SAME as boats that have been on the market for years- NOT selling. There's a BIG difference between the two.
No wood exposed to the weather (just the bulkhead entry to the salon on the 1994 models- which is sheltered by the hardtop).
2 more feet in salon making everything slightly roomier allowing the TV to be built in galley divider.
A mirror-imaged Salon couch arrangement of 45' Chairs now on port, L-shaped settee on Starboard.
- Pilothouse floor is LEVEL and much larger than the 45' due to the dash being pushed forward. One can easily walk behind the helm chair-which is hard to do on a 45'.
More room to move around in the Pilothouse due to curved instrumentation panel. (In the 4588 it is a bit tough to move past the helm chair and you can't sleep on the floor in really big sea's like you can in the 4788)
Better Davit (750lb capacity vs 500lbs on 45')
A bit less fuel (444 gallons vs 500 gallons on 45')
A bit heavier (30K official lbs versus 28K)
No prop tunnels as on 45's.
Corian countertops standard from 1997 (please note above remark about 97 models) onward.
- Vacuflush heads available on 4788 models.
- Height is higher on the 4788. Will clear bridges at 18'.
- Draft is deeper; 40" on 4788's. Props are not protected on 4788's (no prop pockets like on 45's)
The beams are Identical - 14'11".
4788's over 45's
--Less bow rise at cruise
--Factory A/C compressors not in engine room
--Pocket door to guest stateroom
--Holding tank stb of stb engine (not in guest head)
--Water tanks plastic (from 1989+ all 45's/47's had plastic)
--Fly-bridge furniture is FRP (not wood that rots)
--Davit is good for 750# (not just rated for that)
--Decks have closed cell foam (instead of balsa/plywood which time is discovering rot issues)
--batteries under cockpit hatches for easy access versus outboard the engines and almost impossible to remove as on 4588's)
--Genset has factory sound shield (many 45 gen's have sound shields too)
--Radar arch is anchored well- leans forward vrs. leaning aft in 45's- arch out of fiberglass -not a plywood core as 45's.
--Fly-bridge overhangs (Pt &Stb) are FRP
--engine access slightly better
drippless shaft seals (finding this not to be absolute)
--Separation from engine room to lazerette (on 45's you can go from Lazarette to the engine room and onward into vessel)-so better security on 4788.
--Large water lift mufflers
--No prop tunnels
-- 2" shafts (versus 1.5")
--Quieter a bit (71 vs 75 Db's)
4588's (built from 1984 - 1993):
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Built in Washinton State, and North Carolina.
- The woodwork in the North Carolina built boats is of little better quality, but not so much that one should go looking for a North Carolina boat for "woodwork".. I've also been told the VIP berth is a bit longer on the NC boats.
- Teak caprails and on aft salon bulkhead.
- Radar arch leans aft
- flybridge seats in plywood. Radar arch cored in plywood. By 09 I would think all would had been long replaced.
- Decks are balsa cored
- Hino engines only. 220hp ONLY to late 1991 models- then 250hp for 1992 -1993 models.
- Not many 1993's were built due to the Luxury Tax during this time.
-- V-struts
- You can access engine room from lazarette
--Prop tunnels for shallow draft- props are protected by keel.
--neat drain areas at shaft packing glands
--deep storage at foot of guest bed area
--area of ice maker,stereo, storage very good
--stock factory engine start batteries next to stbd engine
--Less A/C compressor noise
--2 hot water heaters
-- 'Y' valve location and storage in 'hall'
--more fuel efficient (smaller engines is why)with lower speeds | 
