That's interesting to know, the V3 to V4 conversion would have been the only reason for me to buy it and as you rightly say, it does say quite clearly that it can do this.
I'd ask DAZ store support if I were you and if you don't get a satisfactory answer ask for a 30 day refund!
let me know how you get on because this is in my wishlist at DAZ but because of posts like this I'm not ready to fork out $40 just yet!

Injustice will be avenged.
Cofiwch Dryweryn.