Z-independent. While V2&3 have to transport the dust a lengthy way behind the y-axis V4 gets it to the vacuum in front of the router bit, I think it gets clotted much less, needs less surveillance. AND! V4 does not reduce the Z clearance below the y-axis!
The bit is less visible with V4 shoe though during the cutting because the hose is in front of the bit compared to V2/3.
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