It does seem 4.09b has cured the activation issue (or the activation altogether, but that is unlikely)..

It is nice to see they actually has managed to get rid of the most basic issue with IP4,
I call is basic because without a fully activated product you can't fully utilize it
whether the rest was bugfree or not.
I've repeatedly ran the shell extension, IP, and IPE in sequence and none asks for
activation anymore.