In fact, it gives me a lot of hope for Harry V, because what this director wisely chose to do was to cut out all the crap that's been annoying me for the past two books. Gone is all the nonsense about Hermione and the House Elves, gone is the daily grind of class work, gone the obligatory scenes with Harry's aunt and uncle. This allows the story to move forward in a fairly straightforward fashion, and actually allows the director to have a bit of fun with things, without slavishly adhering to all elements of the novel (a la Harry movies 1 and 2). Better still, the cuts make sense and allow the story to breathe (which was not the case with the frankly incomprehensible Harry 3 movie).
There were a few sections that weren't able to be told, which is a shame, I personally would have liked to have seen more of the Rita Skeeter material, because she was a hoot--and the Weasley twins totally steal the whole show. But these nits are more than outweighed by lovely, charming sequences such as planning for the Winter Ball. All in all, it's a really great film.