I'm a bit of a film buff, by that I mean I like shooting of film & I own 16mm film cameras. (I shoot most if my work in digital though, so I don't consider myself all that snobby about it)
To me some arguments for film hold up, but are rapidly becoming less relevant as digital sensors improve. The biggest case form film to me is the dynamic range (in film terms "latitude") compared to digital. Film is currently still better at retaining detail in high contrast shots (for example a person dimly lit against a bright sky). And when film does "blow out" it has a tendency to be a smooth curve and even the over-exposed parts of the frame that may be fully white still have some texture. Whereas digital has a harsh drop off where the information is just gone and it has a rather ugly look.
Newer camera sensors are starting to get very, very close to film in terms of latitude. But for the moment even the most expensive Hollywood level cameras are not quite as good. I expect this to change and eventually film won't have this advantage anymore.
Film does tend to have a pleasing, organic look. But plugins are getting very good at emulating the good parts of that without all of the hassles of film. I liken it to audio recording, which went through a similar analog-vs-digital revolution in the 90's. there are still people that choose analog for artistic reasons, but digital is accepted as the primary recording medium now.
As for 48fps, though, that's irrelevant in the digital-vs-film argument because both types of cameras can shoot at either frame rate.