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From a project management perspective, Which is more advisable?
From the certification point of view, does it make any difference?
Upgrading our skills even after certification is definitely a must-have.
If you are ready to take it now or almost ready, take it now with PMBOK4.
If you need training, I would still consider taking it now since there will be some lag between the updated PMBOK5 and the updated training (at least for some trainers).
Since the main difference is 10th area, Stakeholder Management, I think you will find the difference less that it might sound.
If you have a job at the moment than wait, because certificates are usually useful when you are looking for a job. If you don't have a job, you can go for the 4th edition, because I assume finding a job has higher priority than getting a one level higher certificate.
A different view: according to google the difference between the 4th and the 5th version isn't that significant and the 5th contains the 4th. Let's assume that you have PMBOK4 and you meet somebody who actually knows what PMBOK5 is. She will also know the difference, and that you are familiar with the basics (you have PMBOK4) and only a small "upgrade" is missing. If you meet somebody who has no idea what PMBOK5 is, will look for a certification with the higher number, but would you like to work with somebody like that? Maybe not. Following this logic, PMBOK4 is enough.
No, it doesn't matter. The only thing that matters is - are you ready now, or will you be ready before August to take the exam?
If so, then I would advise taking it now. The reason being, if you feel you're ready now, then that means you're familiar with the PMBoK 4. If you wait, then you'll have to either re-study, or at least brush up on, PMBoK 5.
Now it is a bit too late to take the PMP exam with PMBOK Guide 4th edition, unless you have already started preparing well for the exam. In general it takes about two months of intense preparation to appear for the exam. Moreover, if at all you schedule it between now and end of July, you will have no chance to postpone it without switching to new PMBOK Guide. On the other hand it is not recommended to take the exam right after the switchover either. So avoid August 2013.
