It doesn't work for 4 players, it often glitches. They say that it requires a more stable connection, and in a 4-player game, there's bound to be someone with a poor internet connection :(
When playing 2v2, or even in a 3-player game, it's necessary to have a good connection between all participants, not just between those whose turn it is to move. (To illustrate what I mean, let me give an example: we were playing with Old Man, Sil, me, and Doberman. The turns were passed sequentially between us, but when Doberman attacked Sil, it turned out that there was no connection between them, and our game crashed).
I played 5 full 2v2 games; you can see some reports here:
http://www.forum.heroes.by/viewtopic.php?p=33235&highlight=#33235
and on the next page
http://www.forum.heroes.by/viewtopic.php?t=743&postdays=0&postorder=asc&start=75
I know Forrest played several games with more than 2 participants. If anyone is interested, I think Tolyan will share his experience.