Both the Malibu 20 LSV 2009 and the Malibu Wakesetter VTX 2012 are modified-V designs, both built in fibreglass, so the buying decision usually comes down to a handful of practical questions: how many people are you putting on the water, how far do you trailer, and what does your tow vehicle weigh?
The power gap is worth calling out. Rated to 400 hp, the Malibu 20 LSV 2009 has a 50-hp advantage over the Malibu Wakesetter VTX 2012's 350-hp ceiling - enough to notice on acceleration and at cruising speed, particularly with a full passenger load. Fuel capacity breaks the other way: the Malibu 20 LSV 2009 carries 46 gallons versus 41 gallons in the Malibu Wakesetter VTX 2012. On a lake day that's negligible, but for coastal cruising or long reservoir runs the extra range matters.
Both boats are rated for 11 passengers - a good fit for a family of four or five plus guests. Comfort at capacity is another matter; the longer hull typically means more seat options and better weight distribution.
Bottom line: Performance buyers should lean toward the Malibu 20 LSV 2009 and its 400-hp ceiling. If fuel economy and quieter running matter more than top-end speed, the Malibu Wakesetter VTX 2012 with its 350-hp rating is the more economical daily driver.