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The new software does a bunch of stuff that was only possible on Loop III by using MIDI. You don't have to play every note on your instrument in order to express yourself. I totally agree with Rick Walker's statement: "the instrument you have with Loop IV is the instrument you have and all it's features are valid." I say, get the Loop IV chip and if you don't think it's worth $100, sell it on eBay. I bet you won't tho . . . Gary (not much of a glitcher)