All else being equal, the real difference is going to be in the catch lights, with octas giving a closer to circular catchlight, which some would argue is more natural, as the sun is circular.
The square (also including rectangular) softboxes will give a square-ish catchlight. If you were inside, I would expect to see a square-ish light source from a squarish window.
In either case, it is personal taste.
Some claim an octabox has a little better wrap, since it protrudes in more directions, but I would imagine that is splitting hairs and you would be hard pressed to see any real difference. If you need a softer light source and are buying another box for that, I would go for the 47", as the 35'' is about the same size as what you have, and you would not likely see an appreciable difference.
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