  Quantum Hall bilayer systems at filling fractions near \nu = 1/2 + 1/2
undergo a transition from a compressible phase with strong intralayer
correlation to an incompressible phase with strong interlayer correlations as
the layer separation d is reduced below some critical value. Deep in the
intralayer phase (large separation) the system can be interpreted as a fluid of
composite fermions (CFs), whereas deep in the interlayer phase (small
separation) the system can be interpreted as a fluid of composite bosons (CBs).
The focus of this paper is to understand the states that occur for intermediate
layer separation by using trial variational wavefunctions. We consider two main
classes of wavefunctions. In the first class, previously introduced by Moller
et al. [PRL {\bf 101}, 176803 (2008)], we consider interlayer BCS pairing of
two independent CF liquids. We find that these wavefunctions are exceedingly
good for d >~ \ell_0 with \ell_0 the magnetic length. The second class of
wavefunctions naturally follows the reasoning of Simon et al. [PRL {\bf 91},
046803 (2003)] and generalizes the idea of pairing wavefunctions by allowing
the CFs also to be replaced continuously by CBs. This generalization allows us
to construct exceedingly good wavefunctions for interlayer spacings of d <~
\ell_0, as well. The accuracy of the wavefunctions discussed in this work,
compared with exact diagonalization, approaches that of the celebrated Laughlin
wavefunction.
