I was originally shopping for a 550 but ended up buying a 540. This was mainly because a really nice 540 came up for sale but now that I have it there are a few things that I really like.
I like the large rear dinette and when it's made up into a bed I like the view from the three large windows, especially in the morning when I'm having a cup of tea in bed.
The option of having 2 long single beds is good when camping with people you don't want to sleep with (friends, children etc)
The front dinette is undeniably snug but it's a lovely place to sit and read the paper and have coffee while your other half has a lie in. The bay windows provide a lovely view and the wide window ledge is really useful.
When I was buying the Eriba I thought it was because I love outdoor activities. I'm now realizing that I also love outdoor inactivity and the 540's sofas are long enough to have a really good post-lunch nap.
Last weekend my 15 year old son came to the New Forest with us. Once his bed was made up at the front he had a lot of privacy because the kitchen and the washroom divide the van from front to back creating 2 distinct areas. We all appreciated this.
The 540 (2006 vintage) is 10cm narrower than the 550 which makes it easier to tow as it's exactly the same width as my car. This also means I get an excellent view without towing mirrors (controversial, I know).
Oh, and the wheel spats are the right way round.
Of course, the 550 has loads of advantages as well - mainly around roominess - and if I was buying new I'm really not sure which one I'd go for. I'm sure I'd be happy with either but these are some of my observations based on 3 fantastic weekends away in my 540.