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I tried a series II and soon after bought a series III. The series III may have sounded slightly leaner but only slightly. This is what I remember several years later. I believe the series III used a Neo woofer. The series IV uses a ceramic woofer. Any difference in sound is probably insignificant given variables in rooms and placement.
That would be the principal difference. They were forced to use a ceramic driver, because China kept a very tight leash on the Neodymium. I don't know whether that's eased up or not, but Rick Jones and the AI team came up with a suitable alternative that was nearly the same weight, and sounded
just as good.