I know I'd have to compare two 4.8 but I can only compare with what I have in my fleet ( the E70 3.0 si and the E53 4.8is) and I must say I definitely like the feel of my E53 over my wife's E70.
FWIW!

EDIT: but I have to agree with lordshin, I'm starting to like the look of the E70 much more especially with 20's staggered....

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His : 2005 X5 4.8is (SOLD)
Hers: 2007 X5 3.0si (SOLD)
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Retired:
1999 518
2000 323i
2002 M3 (beautiful car)
2003 330Ci