I have copied the evc4 compilers to evc3 (just copy the exes to replace the ones already there. Make sure to make a backup).
I haven't done much testing, but I have compiled the EasyCE2 library & sample with both versions with all optimization settings. Here are the exe sizes (all for StrongARM):
evc3/default optimizations: 76.5 KB (78,336 bytes)
evc3/maximize speed: 53.0 KB (54,272 bytes)
evc3/minimize size: 71.5 KB (73,216 bytes)
evc4/default optimizations: 76.0 KB (77,824 bytes)
evc4/maximize speed: 57.0 KB (58,368 bytes)
evc4/minimize size: 76.5 KB (78,336 bytes)
I haven't profiled the code, but another program I compiled ran at ~30fps with evc4 and ~50fps with evc3. I didn't test the optimizations with that though.
I haven't even looked at any of the additional features evc4 supposedly have.
All in all, the evc4 compilers certainly work, but whether it is beneficial to use them instead remains to be seen (I think they will probably be found to be worse)