Qualcomm's proposal is all instructions are aligned to their size. Initially that means everything is a 32-bit instruction, now with a lot more green-field encoding space to play with (so less need to have larger instructions). 64-bit instructions would be introduced (aligned on a 64-bit boundary) when needed with the expectation they'd be used for rare operations and 48-bit instructions wouldn't happen.
The SiFive (and original RISC-V architects view) is RISC-V is meant to be a variable length instruction set and a mix of 16/32/48 provides better static code size along with better dynamic code size meaning smaller icaches needed, smaller buffers in fetch units etc.
Interesting that the architecture that was meant to be a 'purer' RISC implementation than ARM is pushing towards the more CISC style variable length instructions. In a sense Qualcomm are trying to keep it closer to the RISC ideal!