For me, at least, probably the combination of the 48GX and 42S. Both represent the end of the line of HP's traditional hardware engineering, which is such a significant part of using these devices. The software gaps between the 48GX and the later 49 can be made up by installing software into a 48, if that turns out to matter for you.
One of the more significant new parts of the 49 software is the "Meta Kernel", which was externally developed by Jean-Yves Avenard as a 48 extension. IIRC, Avenard ultimately wound up working for HP on their calculators, which I believe is how MetaKernal wound up as part of the core 49G ROM. IIRC, this was also a bit of a reconstitution of HP's calculator engineering effort, as the previous team had been disbanded a few years prior. (ie; William Wickes, who was heavily involved in the 41 and 28/48, wound up at some point working on video conferencing systems for HP.)
The reason I'm also including the 42S is that it's a lot more traditional in the way that it operates. If the 28/48/49/50 series feels like a small handheld computer with a custom programming language, the 42 feels more like an actual calculator (with a lot of capabilities).
I'd extend that to the whole HP calculator lineup through about 1994 or 95.
There are a lot of aspects I could single out, but William Kahan's involvement in their numerical algorithms is a particular standout for me. They wanted high quality numerics out of battery powered 1970's era micro-electronics, so they brought Dr. Kahan in to design the algorithms necessary for the task.
(Dr. Kahan is also noteworthy for his involvement in IEEE-754, which is still the standard for floating point today.)
Serious, serious engineering went into these calculators.