The spec sheets list the Malibu 23 vRIDE 2011 as modified vee and the Malibu Wakesetter 21 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 23 vRIDE 2011 at 23,0 ft versus Malibu Wakesetter 21 XTi 2008 at 21,0 ft. Weight tells a clearer story for trailering families: the Malibu 23 vRIDE 2011 tips the scales at 3 900 lbs - 500 lbs more than the Malibu Wakesetter 21 XTi 2008 at 3 400 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 23 vRIDE 2011 and 400 hp for the Malibu Wakesetter 21 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. Fuel capacity breaks the other way: the Malibu 23 vRIDE 2011 carries 56 gallons versus 46 gallons in the Malibu Wakesetter 21 XTi 2008. On a lake day that's negligible, but for coastal cruising or long reservoir runs the extra range matters.
For family outings this is probably the sharpest distinction between the two. The Malibu 23 vRIDE 2011 is rated for 15 passengers, while the Malibu Wakesetter 21 XTi 2008 caps at 12. If you're regularly pulling extended family or a group of friends onto the water, the extra seats on the Malibu 23 vRIDE 2011 could be the deciding factor.
Bottom line: Choose the Malibu 23 vRIDE 2011 if your priority is putting more people on the water - it handles 15 passengers and at 23,0 ft it has the deck room to back that rating up comfortably. The Malibu Wakesetter 21 XTi 2008 is the smarter pick if you want a lighter, easier-to-trailer boat rated for 12 that costs less to run day-to-day.