Hey Matt, 

I carry a SM4 46 degree wedge and I am in love with the thing. The great thing about it is that you can hit it full, half, or use it easily around the greens or from the bunker. First of all, the cobra wedge you have probably is not engineered to work as a wedge is supposed to. The SM4 46 has I believe 8 degrees of bounce, and that is what you need when coming out of a bunker. As for feel, I believe that the vokey's have amazing feel, and that it is not lost even when you go down to a 46 degree wedge. 

As for the spin. The grooves have basically been cut in half because they have gone from a box groove |_| to a V groove. Essentially you've lost 50% of the volume. And it does impact how much spin can be imparted primarily on half shots and shots from the rough. However, from the fairway with a full swing or your 4/5 swing, the spin should not be impacted. 

As for the distance, you will probably lose a tiny bit, but in order to fix that, lower the degree on the wedge so that you can make the same swing and have it go the same distance. But a speciality wedge will be so much more consistent and versatile that you will become more confident with it and feel much better about it than the stock wedge. 

Hope that helps. 

Thanks alot Alex, that was the input I was looking for!

I just got an SM4 60-10 lob wedge a couple weeks ago (had it bent to 59).  It actually stops the ball better than my Spin Milled c-c 62-07 did.   I am beginning to really love it because I can drop it within a foot on short pitch shots and it is absolutely fabulous on greenside bunker shots in soft or hard sand.  The SM4 has an incredible amount of spin. 

I also just got a Spin MIled c-c 54-14 and bent it to 53.  I like the sole profile vs the SM4 and it isn't too hard to use on tight lies.  I am used to playing the roll on my 54-11 (I bent it to 55).  The 53 actually differs little on pitching distance vs my 50-08 (bent to 51) and I can drop the ball much closer to the pin. 

If you feel more comfortable with a 35.25" wedge, take a 50-08, shorten it 1/4" and bend the loft to 48 or 49 (the bounce will be 48-06 or 49-07 and the swingweight would be D2.5).   I have an AP1 PW and it is a great wedge and the 53 works fine, but there is a time when I need less bounce and a little bit more intestinal fortitude vs the SW along with more stopping power than PW.

The trick that I did to my 50-08 works like a charm and the distance control is tremendous (I can work it down to 30 feet and just about sink my my chip shots; anything less than 30' I chip with sand wedge or lob wedge). 

I'm carrying Vokey CC 246-06 @ 47* (PX satin 7.0 shaft).  I like it a lot.  Probably doesn't spin as much as the SM4 or SM2 but that's ok by me becuse the flight is really good and the 7* of bounce works well for me.  I had the 712 AP2 PW and it didn't fly the way I wanted it to.  I think the CC grooves make the ball fly a little higher, which is fine because my typical ball flight is kinda low. 

Just another option since you're looking around.