Here is a link to the Wiki that describes what changed with each version.
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LoginAs an example, the difference between the version 4.0 and version 5.0 PCB was to add resistors that add extra load to each circuit. The load is often referred to with the term snubber. It helps in situations where the LED strings do not draw enough power to completely shut off. While it is convenient to have them on the board you can easily construct your own. Additionally version 5.0 added the features to allow a reset of the board using a jumper and an additional LED to use to diagnose if the board is receiving a DMX signal.
I've used Version 4 and version 5 of the boards for years with no difference in their behavior. I think I might have a version 3 back on the shelf in case of emergency. That version was a bit of a PITA due to the need to remove the RS485 chip when you wanted to use it wireless. The major part of that pain being the need to keep track of where in the world I put the darn thing (chip).