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The first advantage is the MERCON V exists, there never has been a fluid called MERCON III. There has been MERCON, MERCON V, MERCON SP, and now MERCON LV. Never was there a MERCON III.
The 4R100 was designed using MERCON. In 2006 Ford stopped licensing MERCON and changed MERCON V to be compatible with the 4R100. There is no great benefit or problem switching from MERCON to MERCON V in a 4R100.
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Mark
Former  Automatic Transmission Engineer 1988-2007
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