Just took a look at my 4700. Apparently it was shipped with version 2, when I went to
http://www.hp.com/go/pocketpcprint I was able to download version 4, which gave me the same message as you got. So I apparently had the earlier verion in ROM, which I had never updated as it worked. Sorry about the confusion.
BUT ... when I start Print Manager in Programs, I get the same screen as the old version. Selecting Tool, Print Config, then my printer and select Modify, I get the same screen as I mentioned before.
And the "Print Test Page" buton works. It took a minute for the page to print, but it DID print. I can print from other apps, too.
Do you have port 9100 in your IP address? If not, you probably should include it and try again.