its definitely not as convenient as having it on the swim step. but as you know, there are some advantages as well.
I've always had it on the step, until this 4788 we have now, where its stored up on top of the cabin like most of this model.
Here are some pros and cons:
Pro: up out of the way when not using it. It does take some space, but not space we'd be using. Makes it easy to work on or fuss with as needed. Because its sitting level, rather than tilted on edge, storing stuff is a bit easier. At least on our setup, visibility is better not having the dink on the back step. It also helps move some weight forward, which on many boats, ours included, is a good thing.
The cons may be somewhat unique to our setup, but....
We have four attachment points on the dink, with chains from each up to a common bar. That bar then has a single mounting point for the winch cable. So you can imagine that you're lifting the 700 lb or so of dink/motor/stuff from one attachment point. Keeping the dink level can be a challenge. If you're fuel tank if more or less full, it will affect the balance point. If you've taken on some water, even a couple gallons, it will affect the balance point. Wind can affect the attitude of the dink as its coming up. In the worst case scenario, the balance point can be so affected that the dink actually wants to hang by one end or the other, which makes for an interesting launch/retrieval. You gradually get used to it and how to avoid problems, but it takes a bit of time and at least in my case, one trip into the drink and a lot of laughter from the crowd.
Overall, its a bit of a pain, and yes, we use it a little less, but so far, it seems to be worth the effort.