</font><font color="blue" class="small">( Mickey,
Everything I have with an alternator reads between 14.2 - 14.6. Is 14.8 too much? )</font>
Mark, let me say this to begin with, when I was a working man, an ME for HP, one of my assignments was to learn a lot about the care and feeding of lead acid batteries, so I have some knowledge.
Now to your question. For cyclic use like one finds in an automotive like application, a 12 volt charging system should be no more 14.25V. The longer a battery is being "charged" the lower the voltage needed to prevent overcharging. For float charge situations 13.25 is about right. When charging for shorter periods of time the voltage can be increased. A 12V LA battery can rise to about 13.8 volts and hold there without problems but higher voltages that permit quicker charging needs to be limited in time to prevent overcharging and "boiling". The engineering aplication books I've read say to charge between 2.1 and 2.4 volts per cell with decreasing charge times as the charge voltage rises.
In single stage/voltage charge systems, one has to compromise between fast charging and minimizing over charging. For systems like this I would like to see the voltage setting between 14 and 14.25 volts.
For me the 14.8 volts I measured is too high if operating the equipment for several hrs or more at a time. At these higher levels one needs to keep a close eye on battery water level. IMO you will compromise battery life if they are charged at the higher voltages and done so for extended periods of time.
Oh, by the way, a fully charged 12v battery that has been at rest for 4-6 hrs should read very close to 12.7 volts.