1. It has a native pass-through video option. The only other two cards that I am aware of that offer this on-board were the original Cybervision 64 (not the 64/3D, it needed an additional board), and GVP's Sprectrun 24.
2. It has a built in Flicker Fixer. Nice for that native pass-through video option stated above for today's VGA monitors. The Cybervision 64 and Spectrum 24, although able to pass native video, did not "upgrade" the output signal for VGA compatibility. The Cybervision 64/3D had an additional board / module for flickr fixing, but it only worked on the Amiga 4000 and was difficult to find.
3. It has 4 MBs of memory and a high scan refresh rate, meaning it can drive bigger screens. In comparison, the GVP Spectrum 24 has 2MBs of memory and can only display a clean 24-bit color picture at 800x600. By pushing it to 1024x768, you're kinda forced to downgrade your color to 16-bit mode. The Picasso IV, and other boards with 4MBs of memory, should be able to produce a 24-bit image at 1024x768 without any problem.
4. The Picasso IV had add-on options, although very rare. There was a very limited production of a 3D daughtercard with a 3DFX VooDoo chip for use with the very few games out that require 3D acceleration. There was also supposed to be some AHI compatible sound card attachment and TV Tuner card.
:-D