I have been following the blistering problem since the late 60's, mostly because of my scientific background. When we were cruising Europe in the mid 80's we visited many boat yards to evaluate how much blistering was occuring there. The only two boats I have seen rendered unusuable by osmosis were in the Med. (other than Uniflites and Valiants during a certain peroid) They had been laminated in the colder climates and were brands which had excellent reputations. They were then brought to the Med, and in a few years, actually had severe enough osmosis that there were holes in the hull. I have seen a number of boats which had zero blistering for the first 20 or so years, but then later in life developed severe blistering in the same waters. I have seen boats which were sand blasted, with no blisters, be hauled the next year, and have multiple blisters. We purchased a Cal 46 which had a blister repair and epoxy coating of the bottom, 4 years before we purchased it. There was no blistering when we took delivary of the boat in S. Calif. The next year it was sailed to the PNW and in 3 years had recurrance of the blistering, while only in the PNW waters.
There is another phenomen which is not discussed as often, but is somewhat related to the osmotic issues. That is a "floppy hull". Basically there is moisture migration along glass fibers, and breakdown of the stiffness of the hull. Part is do to resin decay, some is due to the boat working, and there may be other factors, such as freeze/thaw cycles. Some boats have been destroyed because of this. (Not trailered boats to my knowledge)
To answer Jacks' question about removal of bottom paint. Yes, you can remove it. There are chemical strippers. You can strip it off with sanding and scraping. You can have the boat lightly soda blasted (should be by someone who is very experienced, so that the gel coat is not damaged).
After that, you can put on epoxy primer, and then an epoxy based paint or some other enamals. You do not want to use two part Linlear Polyurethane under water, it will lift and blister under the paint layer.
It is almost impossible to get back to a good gel coat, and use that gel coat as the protective coating for the bottom. As Matt noted, you will scuff up the gel coat before painting, and this will allow small amounts of bottom paint to get in the small "cuts" made by the sand paper. Trying to re-gelcoat the bottom is expensive.
You might consider stripping off the current bottom paint, and putting on a hard bottom paint. It is also possible that ther various layers of paint were not compatable when they were applied. For example, a hard paint was applied over an ablative paint.