Obviously, the M2 is my baseline. Unpacking the M4, I noticed that it is in a black protective draw string bag that didn't come wih the M2. It also includes a tear off posts kit in the box. First thing I noticed is that the M4 is noticably lighter than the M2, though both are fiberglass. The M4's padding material seems less dense than that in M2. The "pad" that goes right over your head looks to be a simple cut piece of foam in the shape of an oval. The M2's is made of a denser material and its edges are "sealed down" and cut for the shape. I wondered where the M4 was made - it isn't obviously marked. There is a marking on the bottom of the box that says Made in China. Not sure where my M2 was made, but I'm thinking it was the US. My guess is that my next helmet will be US made. I might have even skipped this one had I known this up front, but I'm willing to trust Bell's reputation for now. (I only get 1 chance at this anyway.

The M4 has better venting. On the M2, there were forehead and chin level vents. The M4 adds two vents on the top of the head.
The visor is held in place differently. The M2 had three detents in the visor, while the M4 has no such detents. This is an upgrade discussed on their website.
Fit is interesting. I was told by my vendor and Bell that they should both be sized the same (XS in my case). I did notice that the M4 feels "looser". That could be due to the less dense foam pushing back on my head/face. Around my ears, for example, my ears would always fold down with the M2 (if I put it on without a balaclava). Not so the M4. Both feel about the same around my cheek and head. I do believe that if I went with an XXS on the M4, it would have been too tight.
The M4 is predrilled for HANS posts. Nice. The paperwork also says that it has extra room for a microphone, but I think the old one did too.
All in all, if it wasn't for the Made in China part, I'd have no hesitations with this helmet. But then again, for all I know, my old one might have been made in china and that I was none the wiser.