I have had both. I originally installed the 4th gen pedal beacause they just look designed better than the 3rd gen pedals. After the necessary mods to make them fit they worked fine until I noticed thet my brake pedal was too low in comparison to my gas pedal; they were almost at the same height. So I threw in the 3rd gen pedals and it gave me about 1/2" more in pedal height. Both pedals function fine although with the 4th gen pedals I did have to make a stop for the clutch pedal otherwise the clutch fork would banf against the PP but I know of people who have had the same contact problem with 3rd gen pedal as well (may be related to Mcleod clutch) I did have the take the T56 clutch MC arm bushing and drill it out and modify it to get the rod to fit the 3rd gen pedals and still have a bushing.
summary: The clutch pedal travel isn't an issue but the brake pedal height difference is an issue.
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