There are a large # of AL48's still in service after decades of use.
They don't make them in 12 gauge anymore, my understanding was there were a few problems with stocks cracking behind the receiver. I've seen one myself--what I don't know is whether they had the friction ring set up right. I think many people do it wrong.
You can occasionally find very reasonable priced used 12's on the market and I've been very sorely tempted by them a couple of times. Some nice 20's as well.
I have not found the recoil objectionable at all, but it is a bit different feel for some. Several kids have handled mine with no problems.
I have shot a good number of pheasants with my AL48 in 20, and it does the job if I take reasonable length shots. It's short chamber is a bit of a drawback for pheasants IMO but then I don't know if I'd want to shoot a 3" shell out of one either--they are very light guns.
If you'd get a 20 (again new 12's are no longer made) and use it primarily for pheasants--and can afford the extra $2-300--I'd look at a benelli monteltro instead. A bit more versatile with their longer chambers. Or one of the lightweight Beretta 391's, which would soak up a bit more recoil with their gas action.
Mine is one of the few guns in the safe I will never sell or trade--unless it's for another one of the same. They are really nice light trim guns, just about the perfect grouse/woodcock auto in my book.