We are relatively new owners (June 2017) of a 2008 Meridian 490, and we love the boat so far!
We did a lot of looking at boats in the 50' size range and found the Bayliner 4788s and Meridian 490s to offer a great deal of value. We were initially looking for a late model 4788, but ended falling in love with the newer QSB Cummins (quieter running,a bit more power, and electronic controls). However, if we had found the right 4788, we would have jumped on it (as they probably represent the very best value in this range).
As Ksanders mentioned, the 490 is essentially a 4788 - a few upgrades and few downgrades - all in all very similar boat (identical hulls).
Some other things I really like about the 4788/490s is the excellent visibility from both helm stations, this is not found in every boat.
Web sites to check out:
Meridian Pilothouse Yachts | Meridian Yacht Owners Forum
A wealth of amazing information on the Baylinerownersclub site, if the question hasn't already been answered, someone will provide the answer within days.
Good luck in your hunt!