Sums up my thoughts pretty well.

I am sick to death of stupid "Edition Wars" posts... but this post from Initiative or What  summed up my thoughts on it almost exactly.  Quote to be exact:

So here's my Dungeons & Dragons philosophy:  I role-play like it's 1st edition, built worlds like it's 2nd edition, manage my game table like it's 3rd edition, and I use the rules for the 4th edition.

Simple as that.  Just in case that's not clear, though, here's a more detailed explanation.

1) "Role-play like it's 1st Edition".  Everyone goes on and on about how the 1st edition and/or OD&D were the best for role-playing.  Gygaz & Arneson wrote such an encyclopedic and esoteric set of rules that there were plenty of gaps on how certain things had to be played out.  What are you left with doing?  Well, role-playing, of course.  It was the only real way to fill in the gaps.  So when you play 4th edition.  Role-play like your playing 1st edition.

2) "Build worlds like it's 2nd Edition".  The second edition of Advanced Dungeons & Dragons saw an explosion of different campaign settings and worlds.  Spelljammer, Dark Sun, & Planescape were just a few of the settings that expanded the AD&D universe.  When you're playing 4th edition, think back to those times and create your worlds like they did in the 2nd edition.  Expand your horizons and don't be afraid to break the mold.

3) "Manage your table like it's 3rd Edition."  For this argument, I'm including the 3.5 edition as well.  The 3rd edition of the game saw in increased emphasis on knowing what the battlefield looked like during an encounter.  The use of miniatures was encouraged, and factors such as line of sight, area of effect, and terrain considerations all became pretty important.  4th edition maintains a great deal of that emphasis.  Keep a good battle mat and some inexpensive counters or miniatures at the table and manage like you would in the 3rd edition.

4) "Use the rules for 4th edition".  The rules are tidy, easy to understand and (for the most part) fairly balanced.  While hard core early edition fans will probably out right reject this statement, it's my personal belief this is the tightest set of rules so far.  It makes DMing much easier than previous editions, and I don't waste a lot of my players time with complicated tables or maths.  They're my rules of choice.