I just finished Volume 4 (Hudlin's first run + See Wakanda and Die). I have to say I enjoyed it a lot. Is it as good at is best as Priest was? No. I don't think so. And at times, to say it lacks subtlety is an understatement. Plus, the horny sex humor is pretty cringe-worthy.
That being said, I think it's a lot of fun. It starts off pretty rough with the rebooted continuity but, as it slowly slides into the mainstream Marvel universe (pretty much incorporating what had happened before), it gets better. It's more comic booky than Priest's run, imo, and uses a lot of more crazy ideas. But, while it will always inevitably be compared to Volume 3, I think you can tell by reading it that it appreciates what came before. Priest's influences are felt throughout Volume 4.
It was also better incorporated in the Marvel Universe. The tie-in to Civil War was one of my favorite Civil War tie-ins. See Wakanda and Die (I know, not Hudlin) is just awesome. I thought Storm was used well as well. My biggest complaint (aside from the lack of subtlety and the juvenile sex stuff) was that Cannibal was a wasted concept. That character really could have been interesting, but didn't really pan out (besides as a build-up to Secret Invasion).
Overall, my rankings now are:
Panther's Rage
Black Panther Vol. 3 (Priest issues, pre-Casper Cole)
Panther's Quest
Black Panther Vol. 4 (Hudlin)
Black Panther v. KKK (McGregor issues)
Black Panther Vol. 2 (Gillis Mini-Series)
Panther's Prey
Jack Kirby's Black Panther series
Black Panther v. KKK (Ed Hannigan/Marvel Premiere Issues)