Like most contributors of this thread have pointed out, there are still collectors who appreciate the 1/48 and continue to collect them. Those of use who still collect these old giants often prefer the size, details, gimmicks, and overall appeal.
I would say for the most part, I trully enjoy its' size, that allows for continued modification.
I recently picked up a 1/60 V.2 TV Roy VF-1S to compare to my custom 1/48 TV Roy VF-1S. Personally, the 1/48 wins my vote.
The only reason I am going to hold on to the 1/60 Roy is that it rounds out a future project I have. It involves Roy, Hikaru & Minmei (in VF-1D), Regult-HDP, and a pulped and bloody Zhentloudhy.