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Which version of YS IV is worth playing?
Or is it advisable to try both?

Well, actually there are four versions:

Ys IV: Dawn of Ys (PC Engine)
Even though it's the non-canonical Ys IV it's a fantastic game and one of the best in the series. Builds on the gameplay from Books I&II and has lots of fun bits of fanservice for people who played the first two games.

Ys IV: Mask of the Sun (SNES)
Pretty lackluster version, but the one that sticks closer to Falcom's script for the game. Personally, I've played through every single Ys game, but this one could never keep my attention.

Ys IV: Mask of the Sun – A New Theory (PS2)
Okayish remake of the SNES game that tries to emulate the look and feel of Ark of Napishtim. It's not as good as that, but I prefer this over the SNES original.

Ys: Memories of Celceta (PSV, PC, soon PS4)
The now official Ys IV and the first version developed by Falcom themselves. It's a "modern" Ys, so if you've played Seven and VIII you know what to expect. Personally, I enjoyed it a lot.

So, to answer your question: Play the PC Engine version or Celceta.

And make sure to give Ys IV: J.D.K. Special a listen. It's the OST for what should have been the PC-88 version of the game, but of course that never happened. Still the "definitive" soundtrack for Ys IV if you ask me though.

Dawn of Ys is the one to play. The other three are all bad in their own special ways. Mask of the Sun (SNES) is the next best one, being nearly tolerable.

I really liked Dawn of Ys. Much better than Celceta.

I played through Ys IV SFC twice. I like its unique music track for the ice cave. I don't see what the weakness of this game is supposed to be.

Didn't play Celceta because it's too buggy.

Dear Falcom,
Release a proper PC port of ao no kiseki already. I don't want to visit dodgy websites to get a Chinese or emulated version. Onegai shimasu.

Agree totally. I don't get why they ditched on that after bothering to port Zero.

If there are PS4 ports for Ao & Zero, then maybe NISA could get PC ones done alongside the western releases. I trust NISA more now than I did, especially with their move to use some key ToCS I/II localisation staff for CS III. Hopefully, NISA will stick with them for ToCS IV.

For any future PC ports of Falcom titles, NISA should go right to PH3 Games (Durante's new studio) & forget about Laurel Code. Ys VIII's PC version is playing fine for me right now, but this is how it should've been on Day One. The retranslation is good but there's been an occasional typo (I once noticed a "you're" where it should've been "your").

Something else I really would like is Nayuta no Kiseki ported to PS4 & PC. I think the game coming near the end of PSP's life cycle drove XSeed to pass on it... still that doesn't make much sense. They could've made it digital-only like Brandish. Even after the PSP died off, it would've been nice to buy for the PS Vita.

Oh cool I didn't know what Celceta was.

Dawn of Ys it is. Thanks guys.

Thank god.

*Ys IV Perfect Collection Vol 1-3

Ys IV: J.D.K. Special>Ys IV Perfect Collections

and don't forget to listen the 2nd part of the Ys IV J.D.K. Special (disc 3 of Falcom Special Box '95)

*Ys IV: J.D.K. Special < Ys IV Perfect Collections