Yes, it is comparable to the 39G with the added functionality of CAS. It is Algebraic only and does not have an IR port.
Comparing to Hp48G+.
About the same price, might cost a little more to get from Europe.
48 has 128K RAM
40 has 232K RAM
48 has RPN and an enter key where it should be, with the standard good quality Hp keyboard.
40 has the 49 look and feel and is algebraic only, not selectable.
I suspect that programs are much better and more readily available and will always be so for the Hp48.
Units conversion and other neccessary features are built in with the 48 (standard with a professional's tool) vs the 40 can handle nearly any math problem but lacks units conversions, Eq lib (seldom used, but when needed is there), and must be downloaded.
I have both a 39 and a 48 and even if the 39 had CAS (which is what the 40 has over the 39) I would still favor the 48 by a wide margin. In fact I have a 49 and I still favor my 48, (for two reasons, keyboard feel and keyboard layout)
Now if I were involved in heavy Matrix eq work or other high horsepower applications, I may switch over to the faster 49. (Maybe)