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I own an original HOMM4 CD, and it is an old game that I have feelings of nostalgia for. But there were multiple features that weren't implemented at all, as can be seen by some menu items that didn't work and/or their names were gibberish. And some spells have no icon and literally don't do anything at all.

Is the GOG version patched to address the problems? Are the expansions any good?

Basically, what I'm asking is whether or not I should buy the GOG version if I still have the old CD.
This question / problem has been solved by Tarnumimage
If You're going to install HoMM IV from original New World Computing/3DO released CD's, the following installation order is recommended (in this case you won't need to patch the game, you will get the latest version after installation already):
1. Heroes of Might and Magic IV (2CD)
2. Heroes of Might and Magic IV: The Gathering Storm expansion pack (1CD)
3. Heroes of Might and Magic IV: Winds of War expansion pack (1CD)
Note UK and US releases of the main game and expansion packs are different. Do not mix UK and US releases in your install, use all US or all UK releases (UK release of Winds of War utilizes Safedisc v2.51.021 copy protection while US version does not utilize any protection).

However, if You install vanilla HoMM IV (or HoMM IV with GS expansion only) then You will need to manually update your game to v3.0 using incremental patches.
Examples (UK and US patches are different):
HoMM IV v1.0 US (-> v1.2 US optional) -> v1.3 US -> v2.0 US -> v2.2 US -> v3.0 US
HoMM IV v1.0 UK -> v1.3 UK -> v2.0 UK -> v2.2 UK -> v3.0 UK
HoMM IV + GS v2.0 US -> GS v2.2 US -> GS v3.0 US
HoMM IV + GS v2.0 UK -> GS v2.2 UK -> GS v3.0 UK

GoG release represents Ubisoft's (not related to original developer and publisher) so-called 'HoMM IV Complete' anthology. In theory it should be already patched to latest v3.0 but I prefer using original 3DO releases.
Post edited March 08, 2013 by Tarnum
I actually just bought this game and answered my own questions. And the GOG version does not seem to have broken menus.