V4 is the best version of Victoria ever.

Pros:

• The default figure without morphs is actually attractive looking.
• She is no longer a pinhead.
• She bends like a real person. Without extra buttock parts (this is very likely accomplished via morphs).
• Her ears and breasts no longer look like they were the result of a boolean operation.
• The texture sets include materials actually optimized for Poser's current rendering engine.
• The expression morphs look much more natural.

Cons:

• Most of the character morphs are downright awful IMHO.
• A couple of the expression morphs are unnatural looking.
• Additional content must be purchased to use a few of the new figure enhancements.

I have hated V3 ever since I downloaded her (I'm very glad I waited until she was free, since I've barely ever used her). Her head looks like it's made out of mud, she has those same horrible boolean breasts and ears as V1/2, and she's actually less enjoyable to work with than V1/2. The only thing I did like about her never did me any good: her UV layout.

Viva la V4!