1. Strictly speaking, the M4 is shorter than the M3, and it's almost the same width & height. However, the M4 weighs 1.5 oz more (just unit, not with mount).
2. Not nearly as many mounting options for the M4 as the M3, but there are enough, IMO. The factory QRPII is actually decent.
3.Flip down caps are available for the M4, just like the m2/3 series.
4. M4 comes in 2 MOA
5. Price is high, thats for sure. BUT, You can usually buy used for $450-500.
I find the mounting design to be better than the M3's tube design. The locking lugs is a nice feature.

