Hi Ryan & Bonnie
It's a shame that a current owner of a M46 or M47 nasn't been along yet to answer your query but, as far as I can see, therebis very little difference between the two models other than year of build. On yachts of this size, Moody and the builders, Marine Projects (who changed name to Princess Yachts) were willing to customise the boat to a fair extent to meet the wishes of the original owner, of course for a fee.
If you haven't found it yet, there are descriptions in the Moody archive:
moodyowners.org
This shows that the M46 was built from 1997 - 2001 then the M47 from 2001 - 2004.
Both models clearly came out of the same moulds and have identical rigs but, according to the archive, the M47 is 460 kg heavier - not a big difference in 15 tonnes.
This approach was often used by Moody to boost sales of an ageing model, but they usually made some changes to layout to mark such a change. A good example is the series M41, M419, M422, M425, all of which came out of the same set of moulds. They were modified between the 419 and the 422 to provide a sugar scoop stern and a vast lazarette to replace the cockpit locker, releasing more space for accomodation down below, but remained basically the same yacht.
As far as I can see there were no significant changes between the M46 and M47 but, hopefully a M46 or 47 owner will be along soon to give a clear reply.
Peter.