Hi,
I'd go for the GX, of course. Almost all things are better in the GX compared to the SX, the most important points are the much better display, the speed increase, and the 128K of built-in RAM (the SX has only 32K).
For the display, take a look into this thread:
http://www.hpmuseum.org/cgi-sys/cgiwrap/hpmuseum/forum.cgi?read=56518
There you'll have a direct side-by-side comparison of the 3 different displays used in the HP-48 series.
Seen from today, the SX display is absolutely the worst possible.
The only drawback for some people is the color schema of the GX, but hey, nearly every other HP calc has a better and more ergonomic color schema than the 49g (blue & red letters on 'metallic' blue...;-)
In most cases, expansion cards are interchangeable between the SX and GX, but there are some cards, mostly preprogrammed software, which are made for the SX or GX specifially.
There were so-called multi-memory cards (multiple bankswitched 128K blocks) for the HP-48SX from TDS (e.g. 256K), I don't know which one was the largest, I assume that you can use up to two multi-memory cards in the SX at the same time, so you had a maximum of 512K independent memory, and the 32K main memory.
There were (and still are) also various RAM cards for the GX, theoretically up to 4MB, but due to an addressing bug in the 48GX ROM to a max of 2MB. These cards can only be used in port 2 of the GX, wheras only 32K or 128K cards can be used in port 1 .
Theoretically you can use the TDS multi-memory cards in port 1 of the GX, but IMHO it doesn't make too much sense, because I doubt you'll ever need that much memory. Apart from that, you'd have to write your own driver software for the bank swwitching in ML, because I'm sure the TDS drivers won't work in the GX.
Summary: Forget the SX, go for a GX, preferably for a unit with the black&white display of the 49g.
HTH
Raymond