The spec sheets list the Malibu 21 vRIDE 2011 as modified vee and the Malibu Wakesetter 23 XTi 2008 as v25 wake, so check how each hull rides in the conditions you use before you decide.
On paper these two are close siblings in the size department - Malibu 21 vRIDE 2011 at 21,5 ft versus Malibu Wakesetter 23 XTi 2008 at 23,0 ft. Weight tells a clearer story for trailering families: the Malibu Wakesetter 23 XTi 2008 tips the scales at 3 700 lbs - 200 lbs less than the Malibu 21 vRIDE 2011 at 3 500 lbs. That difference is meaningful if you're working within a half-ton or three-quarter-ton truck's tow rating, especially once you factor in a motor, gear, and fuel.
Both boats share a closely matched power ceiling - 410 hp for the Malibu 21 vRIDE 2011 and 400 hp for the Malibu Wakesetter 23 XTi 2008. Real-world performance will come down more to which motor is actually bolted on, its load at the time, and whether it's a 4-stroke or 2-stroke setup. Both carry nearly identical fuel loads - 48 gal and 47 gal - so range won't be a tiebreaker here.
For family outings this is probably the sharpest distinction between the two. The Malibu Wakesetter 23 XTi 2008 is rated for 14 passengers, while the Malibu 21 vRIDE 2011 caps at 13. If you're regularly pulling extended family or a group of friends onto the water, the extra seats on the Malibu Wakesetter 23 XTi 2008 could be the deciding factor.
Bottom line: Choose the Malibu Wakesetter 23 XTi 2008 if your priority is putting more people on the water - it handles 14 passengers and at 23,0 ft it has the deck room to back that rating up comfortably. The Malibu 21 vRIDE 2011 is the smarter pick if you want a lighter, easier-to-trailer boat rated for 13 that costs less to run day-to-day.