I like the L4 because of its warbird status and the fact that many of the L4s have service records that put them in places like France and Belgium and Germany etc.
Its probably the lowest cost "warbird" on the market and the kids seem to love them.
Im not 100% settled on the L4
I would love to get a straight J3 with a 160 horse Lycoming on it maybe a belly pod to boot.
my wife and I love attending air shows and fly ins/camp outs... and we would love to get either an old Stearman or J3/L4 or something similar.
Problem with the stearman is maintenance and cost of acquisition.
But i could put around at 90 kts in a J3 all day long - its flying at its most pure IMHO. Just the basic minimum required instruments for VFR and a thirst for adventure.