I ended up buying Fences 4 because for the price, why spend more time thinking about it (especially since Fences 2 has given me so much benefit over the past 8 years I have owned it)?
My findings after half a day of use:
- 4 is better than 2 but it's not night and day - the differences to me are there but not huge... yet.
- I like the greater granularity with appearance customization.
- I like the roll-up feature.
- I like the flexibility to the rules. I have not dug into that yet to see how I can use it more, but I see how the rules system can be quite powerful.
Otherwise, it does most of the same things Fences 2 did for me. I'm glad I upgraded and expect to get another 7-8 years out of it before I may feel like upgrading again.
Nice piece of software that does the job you want, but isn't too complicated if you don't want it to be.