I think 4 puts itself at an early disadvantage by attempting to recreate the world of 'Dream Warriors' which is one of the best entries in the series. Without Arquette and with Harlin's strange direction this has the feel of second-rate knockoff right down to the less successful motley crew of teens. The ideas it advances in the middle are interesting, but Freddy should get back to omnipotence. The roach was great.
Without Craven's stamp on the proceedings, the series flounders, even though part 2 is quite interesting in its ideas. Freddy as a quipping charlatan erases everything that made him great in Parts 1 and 3, becoming a part of pop culture. No thanks, but I'll keep watching the series, if only for the amazing effects that visualize lucid dreams in an inventive manner.