In 2003, the CAS source code of the 49G firmware was released under the LGPL. Until at least firmware version 2.09, those emulator builds could be installed on the original HP 49G. Several firmware versions for the successor hp 49g+ and HP 50g calculators have also been released in builds intended for PC emulation software that lacked full utilization of the successors' ARM CPU. The last officially supported firmware update for the 49G calculator was 1.18, but several unofficial firmware versions were released by the developers. Almost the same hardware is also used by the HP 39G and HP 40G. In addition, it had a hard sliding case as opposed to the soft pouches supplied with the HP 48 series. The 49G was the first HP calculator to use flash memory and have an upgradable firmware. The 49G incorporated many of the most powerful interface and mathematics tools available on the HP 48 series into the firmware of the new 49G, including the ability to easily decompile and compile both SysRPL and Saturn assembly code on the unit. These changes were disliked by many traditional HP calculator users. In addition, it lacked a large ↵ Enter key which was seen by many as the defining characteristic of an HP calculator.

In addition to having a metallic blue color, the keyboard material was rubber and did not have the traditional HP calculator hinged keyboard feel. Released in August 1999, the HP 49G (F1633A, F1896A) calculator was the first HP unit to break from the more traditional subdued coloration.

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