Key editor in Elements 4

does the new key editor have the same functionality in Elements 4 as in Pro 4?

Yes, it does.

Thanks, might still go to Pro, though. Can you give me/us an idea if/when a demo version will be available?

Yes, the 30-day trial version should be available next week, on 9 February, if all goes according to plan (we are finalising some details concerning how trial licenses work with the new Steinberg Activation Manager software and want to ensure users have a good experience).