Not sure what's going on with Freehand Systems but their web site still lists 4.0 as their current model and software. http://freehandsystems.com/products.html
I had version 3.1, then upgraded when version 4 was released. I'm happy with version 4.0. There are some issues with getting the battery to properly charge after an MPP has been in a warehouse unused for sometime. I had some minor charging problems but they were resolved via Freehand tech support. I don't think everyone had them resolved as easily. You may want to read some of the posts at the Freehand support forum. Also Scott Yee and Esh may provide some valuable input.
The bottom line for me is that I don't know how I lived without one. I use to take a small suitcase full of fake books to gigs with me don't have to anymore. IMHO, it's a great tool and at $399 a great price. I wish they had been selling at the closeout price when I purchased mine last December.
[This message has been edited by Stephenm52 (edited 11-04-2006).]