Drachenblut, I have not seen a new Franchi 48 AL on a dealers shelf for 3 or 4 years now. The FranchiUSA website still lists them but the International site makes no mention of them at all. Instead they are touting a new ultralight recoil operated semi which looks similar to an I-12.
The 48 AL is a fantastic gun in the smaller gauges. The 12 gauge version was dropped some time back, it just never had the appeal of the sub gauge guns.
The gun has its quirks (you have to reach inside the gun to release unfired shells from the magazine, for instance). The first time I fired one I thought it had gone full auto. There is the bang from the shell going off, another bang as the barrel reaches the end of its travel and yet another as the barrel returns to battery.
In spite of this the 28 gauge AL 48 is the only semi that I will hunt ruffed grouse with. It is very light (5.4 lb.), has decent balance for a repeater and is a pleasure to carry. I am sure that the 20 gauge would perform the same way. Since the chamber is 2 3/4 inches only you won't get to shoot 3 inch magnum 20 gauge duck and goose loads, but the gun wasn't designed for that purpose anyway.
If you are after a semi for the uplands, in 20 or 28 gauge, and you can find a 48 AL, grab it - you will be happy. If you want a general purpose 12 gauge to hunt everything with, keep looking.
Sharptail