Every new budget flashcart that comes out does at minimum everything the R4 does plus support SDHC, and at a lower price. Does that mean the R4 sucks as a flashcart? I don't think so, but if I had to replace my flashcart I wouldn't choose an R4.
I don't think most of the bells and whistles on carts like the Cyclo Evo are particularly important. Real time saving sounds neat, but the only DS game I can think of that it would be particularly useful on is NSMB. In game guides? Again, neat, but I don't see myself ever using it. I don't use cheats, so I don't need an in game menu to turn them on and off.
The only features I want that the R4 doesn't provide are in game brightness adjustment without using cheats and SDHC support.