RS232 interface — board-level fit and supply rails
The MAX232DW: The 120Kbps data rate covers standard serial-port speeds up to 115200 baud with margin for the framing overhead. The 500 mV receiver hysteresis filters noise on the incoming line — a practical margin for cables running alongside switching supplies in an industrial backplane.
Why the SN65HVD233MDREP is not a second-source
It operates from 3.0V supply and comes in a different package family. It will not drop into a board designed for the MAX232DW — the pinout, protocol, and supply rails are incompatible. No cross-reference exists between these two parts.