Did I read this right?..."Preserve pitch when stretching audio events" in the preferences settings doesn't seem to be functioning in V4 - it always preserves the pitch.
Don't you want to preserve the pitch? If you don't want to preserve the pitch then wouldn't you NOT select, "Preserve pitch when stretching audio events"?

It doesn't matter what you select - it always preserves the pitch, weather selected or not... I prefer to have the audio slo-moed along with the video instead of preserving it which creates a flange effect on the audio.

Who else can confirm that this option is not working in V4?

That pref is only for new events created. For existing events, use their event properties to set what happens on stretch.
///d@

Hi-

It worked for me. I control clicked to stretch the event, right clicked on audio for properties then chose Change legnth and pitch.