In addition, the blueline series is quite a bit less expensive on both the new and used market...roughly half the price. The bluelines are several mm narrower in diameter than the 460/480s.
Both sets of mics sound really good. Their sound is quite similar, but I think most people will agree that the 460 and 480 series sounds better as they should since they cost more. Both mic series actually sound very similar in the mid and high frequencies. It's the low frequencies where the differences exist. The bluelines are very warm and pleasing, but a bit loose. Even so, they provide fantastic bang for the buck in the price range they occupy. The 460/480s tighten that low end up perfectly. Many people's microphone searches end at the 460/480 because, for the price, they feel that there's just nothing better. Hard to argue the point. On TS.com, I'm confident in saying that 460/480 are the most popular mics for recording live music in terms of total ownership...probably by a wide margin.
There's been many posts made by knowledgeable recordists that claim that the 480 with a ck63 capsule is the best sounding hypercardioid combination on earth...Schoeps and MG users typically respond at this point, but there's universal agreement that this combination sounds absolutely wonderful, in terms of hypercardioid comparisons.
In the preceding post, Ted makes reference to actives for the 460's. He states that the active cables are rare to find. That's true and you should note that the ck_X capsules that must be used are even rarer to find, so making plans to go that route is not advised, unless you have the inside track on such a rig. If you do, go for it because it's as good sounding or better IMHO than any of the alternatives I've described above.