I'd say, if you are going to get vol. 4, you should definitely get Rebirth. If you are going to just skip to the current run, there's really no need, as its direct relevance dwindles quite a bit. Personally, if you went through all of vol. 3 despite IT being almost totally irrelevant to current continuity, why let that stop you for vol. 4? On the other hand, if you find yourself mainly a Kyle fan, you could very well skip vol. 4, as it has pretty much nothing to do with Kyle.
4 has been retconned but we can't really tell how much. They just tell you what does or doesn't count as we go along. However, it's much closer to being relevant than v.3.
At least read the Rebirth and Sinestro Corps War trades if you don't want to read the whole run. Great stories that aren't matched by what comes after.
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