The V3/R1 time and now are in such contrast. V3/R1 were hyped hard and barely usable for coding. V4 is much less hyped but (anecdotally) it has completely demolished all the Flash/Lite/Spark models.

Because V4 doesn't even beat Kimi K2.6 and GLM 5.1, which have been out longer. It's only talked about as much as it is because it's Deepseek and R1 was the first open source reasoning model. V4 isn't even multimodal (unlike Kimi) and the 1M context doesn't seem to perform particularly well.

Huh? R1 was one of the earliest openly available MoE and reasoning models, that's definitely not "hype". People tried to do reasoning before by asking the model to "think it through step by step" but that was a hack. The later V3.1 and V3.2 releases AIUI unified reasoning/non-reasoning use under a single model.