codexaenir,
thanks for your interest. I'll try to answer your questions.
Does Avast! 4 use heuristics? As in looking at a code and determining whether it is malicious or not.
Yes and no. The avast! engine traditionally didn't use any heuristics (in the classical sense of word). However, some of the scanning methods, that could be called 'heuristics', were added to the engine couple of years ago. These are used primarily for generic malware and Trojan detection.
The mail scanning module in avast! 4 also provides some kind of
heuristics, e.g. it is able to warn the user if a suspicious message is found (double extensions, <iframe>'s, content-type different from actual file type etc. etc.).

When will the next major version of Avast! 4 be released?
The next release (avast! 4.1?) is scheduled (approx.) for April-May.
Can I hide the tray icon?
Sure, see this thread:
http://www.avast.com/forum/index.php?board=2;action=display;threadid=78;start=0Is Avast! 4 a relatively fast program?
Yes it is

. With default settings, it is
very fast. With all the options turned on (test-full-files, ignore-virus-targeting etc.), it is still relatively fast (faster than most others).
Is it stable?
I'd say it's pretty stable on NT/2000/XP (unless you have some other AV program up and running, which is like a suicide). We have a number of server installations with uptimes in the magnitude of months, without any mejor problems. We have also attended most of the testing events in the Microsoft campus in Redmond to make sure that our software (and most importantly, our device drivers) play nicely with the rest of the Windows world.

As for Win9x, it's much worse (as is the whole system, though). There are really no legal interfaces for doing the stuff an AV needs to, so it's kind of hack. Surprisingly, it (most of the time) works, though...

How does it currently compare to Avast32?
avast! 4 has many improvements over avast32. See
http://www.avast.com/avast4/new.html for more info...
How does it compare to other programs?
This is the hard one

. I think we can either say "it's the best" and hope you'll trust us, or we can say "try it for yourself".
As with any other thing, there is no way to make it the way that everyone will like it. It depends on your personal taste.
For the detection rates, you can use some (quasi-) independent sources, such as the Virus Bulletin
http://www.virusbtn.com .
Hope this helps,
Vlk