Probably the main advantages are relative to editing HD material, with more presets, and better handling of various HD formats.
If you are only doing SD editing, I am not sure just how much you would gain by the upgrade. One gets some more Effects and Transitions, plus Themes/Instant Movies and I believe some additional Menu Set and Title Templates, but not THAT many more.
I would suggest doing the trial of PrE 9 (can be installed and coexist with PrE 4) and try it out for 30 days. That will tell YOU if you benefit enough to do the upgrade.
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As Bill says, it depends on what type of video you're trying to edit and what you plan to do with it.
Here's my list of, and review of, the new features in version 9.
Thank you, and good luck.
As "features" are very personal, and tied so closely to what one is editing, or wishes to edit, it's not a cut-n-dried question/answer. I still have PrE 4.0, but because I mainly use PrPro, have not felt a need to upgrade yet. I'll do it soon, just so that I can be more current in this forum, but that is a totally different reason, than most will likely have.
Good luck, and let us know how you like the trial. Also, some things have moved about, between PrE 9 and PrE 4. For me, the biggest is that most of what was under the File>Export in PrE 4 has been all moved to the Share tab. File>Export "ain't what she used to be." If you get lost, or stuck, please drop back to the forum and just ask. Many here are very fluent in PrE 9, and many used PrE 4, so they can tell you where things moved, or what the new name is. They would love to help you find your way around. Otherwise, the two programs are very similar, so the learning curve will not be bad, once you find your way around a bit.