Underrated the latest update [v4]

The trade-offs here are not obvious to me and I keep flip-flopping. Spent the last few weekends digging into this and the deeper I go the more questions I have.

I want to write something more comprehensive about this later but starting with a quick post to gather thoughts. Posting this here because the relevant subreddit has gotten too noisy lately. Mostly thinking out loud — feel free to push back hard.