You need to update the process version to 2012 to see the new controls for pictures already in your catalog. Newly imported ones use PV 2012 by default.
Your user, or personal, presets will carry over from version to version. They get saved in a version-less folder, meaning that all versions of Lightroom will read from this location. You can always delete the User Presets folder in LR4 and create a new folder to store your LR4 presets.