The only issue with it looking the same is in selling the phone. Some scammer could easily sell a 4 off as a 4S, the only thing that could be an issue is if they try to pull up Siri.
The other improvements won't be noticeable on the phone itself. The A5 will be faster, but they won't have anything to compare it to as the iPhone 4 is already fast. Then there is the camera, which you aren't able to see the photo resolution until you take the pictures off the camera. Same with video.
Not really an issue for someone who knows what they are looking for, but for a first time iPhone buyer looking to buy used it could be an issue.
The other improvements won't be noticeable on the phone itself. The A5 will be faster, but they won't have anything to compare it to as the iPhone 4 is already fast. Then there is the camera, which you aren't able to see the photo resolution until you take the pictures off the camera. Same with video.
Not really an issue for someone who knows what they are looking for, but for a first time iPhone buyer looking to buy used it could be an issue.