The latest version of the Elite, the v4 has a more modern, PEBA based midsole which is firmer but returns more energy. The ride of the v4 feels more efficient than v3 because your foot doesn't sink into the foam as much.
The Elite v3 is better for longer efforts which are slower because of its softer ride which feels more comfortable. Stability is better in the 4 than the 3 because there is less lean bias.
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