I looked into the LX line, and seriously considered it before choosing the 470. The LX looks absolutely fantastic. I just wanted something a bit roomier and more fully featured. The 470 is 7" longer and wider, and while I'm not sure how much of that is translated into the interior dimensions, you can really feel some additional space in the seats, IMHO.
Also, yes, you sit higher up in the LX. Significantly so, it felt to me in a dry test. So if you're going for something that feels immersive, you're better off with the 300 or 400 lines. All the seats in the 470 feel immersive, but there's a particular corner seat in the 470 where you sit deeper than the others, and I'm starting to mentally call it the Altered States seat. (I'm 5'10".)
I do like that the LX has calf jets in 3 of the seats. OTOH, it doesn't have a foot volcano, which I wanted. Nor does the LX feature the J-1000 controller (if that's important to you). It also only has one waterfall, not two -- which isn't a big deal, but I like the look of the 400 waterfalls better.
...What I was really hoping for was a real high-end LX model, with features to match the design. (Though I think the look of the 400 series is also very nice. I just prefer the minimalist/scandinavian exterior of the LX.)
Just my thoughts!