> My personal experience is that GIMP is not quite at feature parity with Photoshop 3 or 4. It's definitely nowhere near Photoshop 5

Layer Effects are the only 5.0 feature from Photoshop that GIMP doesn't yet have.

There's also a million things GIMP does better or does at all compared to all the versions of Photoshop you mentioned. I can give you examples or you can spare me the time and just admit you've seen Photoshop 3/4/5 so long ago that you don't quite remember what it was like :)