PowerPress 4.0.x has the same dashboard logic, if PowerPress was causing an issue with 4.0.4, it should have also caused the same problem with 4.0.3, 4.0.2, 4.0.1 and 4.0. There is new logic in 4.0 to alert folks of the new iTunes standards, so if your reverting back to a version before 4.0 then that could be the issue but I highly doubt it since no one else has reported issues like this yet.
Usually a caching plugin is the culprit, though it could be anything causing the problem. If you're using a WP caching plugin, disable it, upgrade PowerPress then see if the problem replicates. If it doesn't, then when you re-enable your caching plugin simply tell that plugin to rebuild it's cache and you should be all set.
If you are still having this problem even without using a WP caching plugin, please email me cio [at] rawvoice.com and I will personally help you step by step to figure out what the problem is.