How Bad Was The Panzer 4?

Of all the tanks from World War II, the Panzer 4 is one of the least glamorized. Later developments like the Panther and Tiger usually get the spotlight. Why was it made, and just how well did it perform?

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Sources:
Panzer Tracts No.4 by Thomas L. Jentz and Hilary L. Doyle
Panzer IV & Its Variants by Walter J. Spielerberger
Panzer IV by Kevin Hjermstad
Panzer IV vs Sherman by Steven Zaloga and Richard Chasemore
Armored Champion - Steven Zaloga
Panzerkampfwagen III by Thomas L. Jentz and Hilary L. Doyle
Germany's Panther Tank by Thomas L. Jentz and Hilary L. Doyle

Songs used (in order from first to last):
Subnautica - Into the Unknown
Halo 3: ODST - Rain (Deference for Darkness)

Sound mods:
Epic Thunder (Pre-release)
Armored Warfare Crew Voices

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