Having option's is always a good thing particularly when it comes to using space. It would be nice to have more screen estate in version 4 of the software.
Personally I didn't have any issue with how Studio One 3 presented the mixer channels. In version 4.0, the re-placement of the icon's might seem cleaner in separation, however on the other hand, one may see that as less efficient use of available space. It would be good to have an extra choice...