It depends in my opinion on the time frame you think to release this new code.
For a project I’m working on, I decided to go with the Qt4 toolkit, and no longer be compatible with the older version Qt3.
The very reason was that Qt4 offered some features (thread save event posting) which was really hard to code by myself.
Target release date for this application is within a couple of years, by then, every distro will have Qt4 installed ...
So, if you like to release this new code within half a year, I suppose it’s bad to be not compatible with php4...
And the new parser will be amazing fast anyway, no? :-P
Greetz,
Remon