It's so nice to just grab it when I'm ready to shoot instead of going to the trunk of my car for the 7D...and it's also nice to know the 7D is there when I want the depth of field that doesn't come with the "mini-cams".
There have been a few reports of banding or a corduroy effect with some of the R4s, but mine doesn't have it at all. Ricoh is telling people to send it for repair or to replace it. I DO have the first R4 that's going to repair, apparently; it suddenly developed a problem in the lower left corner that can be seen here: http://www.pbase.com/triciarod/image/60253373.jpg and it doesn't want to shake/bump/tilt away, so it's got to go to Arizona for a warranty visit. It's a shame that it had to happen as soon as we got to Mount Shasta for a few days - the telephoto shots are okay, but the wide-angle are messed up, and they were the better photos.
The R4 also has all the good/bad that Brian's post above lists for the R40 (except for the 28-200 range). I did find myself putting the LCD to my eye the first couple of days (DUH) but have gotten used to holding it a bit further away now. ;-)
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