I have been using v4 on 7.0.2. Had good success with Hibs, winning the league and cups over 3 seasons, and doing well in Europe. Took over at Aston Villa halfway through the 2009/10 season, where they were in League 1!
To be fair, they were top when I took over, and won the league also making the quarters of the FA cup, beating EPL teams in the process.
Have tweaked the tactic a bit here and there(not sure exactly how - ahh the joys of beer!) and at the start of the season am 5 wins out of 5 in the league, without losing a goal and scoring at least 3 each time!
I know it won't last, but