The section where the side of the boat meets the hull is defined as the chine. It is one of the most significant areas for ski boat hulls, and can play a huge roll in how the boat handles and performs. It is most definitely in the water when the boat is running, and that is where Malibu differentiated the SV23 Diamond hull from the standard SV23 hull.
AFAIK, the strakes are identical on both hulls. When you look down the chine of the boat from the transom, you can see the increased downward turn of the SV23 Diamond hull. You can also feel the increased angle, and sharpness of the chine if you run your hand along that area.