I have a 4-year old daughter and she loves when the new figures arrive. I actually put Castle Grayskull on top of her train table and got rid of the trains (she was bored with them). She had a play-date the other day and the first thing she showed them was "Daddy's Castle Grayskull." I watched them like a hawk but they were all pretty gentle considering the age.
Her favorites are Glimmer, Draego-Man, She-Ra, Fang-Man, Orko, both Sorceresses, and Dragon-Blaster Skeletor (she thinks his little dragon friend is cute).
She's going to flip about the PoP sub! Loo-Kee will be like the Elf on the Shelf...as I will hide him every morning so she can find him before daycare/pre-school. (She loves trying to find Loo-Kee in the Filmation episodes)