If I remember correctly, (with version 4) Sandbox is focused on restriction and not virtualization. I'm not surprised that version 4 is decent. However, version 10 is better from prevention of view. This discussion is similar to why protection scores are better with HIPS and protection scores are lower with Sandbox.
Another point (which is probably an advantage compared to version 10) is that older versions employ execution control. That way, you have HIPS capabilities designed for insecure DLL loading and other examples. This feature was removed with newer versions along with buffer overflow prevention (not really removed but design was changed significantly and it doesn't do what users expect; it should be renamed in my opinion). Given explanation on why they removed is that it caused trouble. Execution control was really nice for HIPS power users.