I think they're a very solid company, but they are a small company and relatively new. I agree with vferrari that it's a marketing and roll out fiasco. What's happening with this release is very common in the software industry, however its fixed with proper management and marketing. As a growing company I think the issue was scope creep and requirement changes, multiple times, that created a moving target for v4. What they needed was a better strategy for handling that and managing it. For instance, as a software developer if you put me on a project like this I could indefinitely work on the product, until I was told it needed to contain X, Y and Z and be code complete on MM/DD/YY. What I think is that it's a group of smart engineers worried about making the best product they can, without management and marketing direction telling them "we've been promising customers this for years. we can't keep pushing this back. We have to deliver this set of requirements by this date". The reality of active software development is they'll always be a new version, so you set a cutt off on requirements, deliver the product and work on the next set of requirements. My current company is international and we deliver new releases to our customers every 6 months... Hard deadlines. Those releases contain as much as we can put in them in a 6 month period. If a feature can't be completed, then it's put in the following release. This way our customers are getting product updates in a reasonable time.
Anyway, that's my take on it. I don't think anything is going on with the company and it's totally normal for a smaller, but growing fast tech company. (Normal, but not the right thing to do!) Hopefully they learn a few things from this release, manage their next release better, get a good marketing and PR person, and don't say a peep about the version until it's ready... Then deliver on the date they say.