What are the tangible advantages of 4.0
The 30-degree angled braces that rises back from the BB have been removed on the V4. That frees up the space where the Stoke-Monkey can be installed. That space can also be used to put any motor that powers the BB, or a motor that drives the left side or right side of the rear wheel. If you already own a V1-V3, you can cut out the braces with a hacksaw, but V1-V3 frames are usually used with a hub-motor.
I am certain the V4 frame has rear disc brake flanges, but I don't know about the V3 or earlier models.