Re: mercruiser 488
Very similar...I believe the 488 has a 4 barrel, and I have heard mixed reports of a different cam, other than that are supposed to be identical. Interestingly the 488 has a higher WOT than the 470 from the manuals I have looked at leading me to believe the cam may be different. I have only worked on my 470, so am no expert....others will follow that can tell you definitively.
Take care,