I understand it's bigger/more powerful. A very long time ago, in fact, probably prior to it's actual release if memory serves me, there was a discussion here about this very issue.
Seems to me Mr. Chalkley was the primary "educator" of the idea if I may be so brash.
As I recall the gist of his comments, it was that in fact, the L-48 is "new and improved" with it's basic enhancements, but that "in the beginning" it was essentially meant to replace the L-35. Seems there was some desire for a L-35 with a hydro option, but using same engine wasn't an option because the hydro drained more power from the engine such that it would have been a less powerful machine. Kubota then upped the engine size to what ever it is and wa-la... L-48, the replacement is born.
Again, I ABSOLUTELY have no idea if this is fact or not. I was at the time, considering a L-35 but the GST just wasn't for me and I remember thinking "if only they made the L-35 in a hydro..."
Now they do (or at least that's my understanding of the logic)
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