I don't think you could go too wrong with the PRO4 if it's in decent working condition. The first thing you'll want to know is if it has the PRO4A or PRO4C channel strips. The biggest difference between the two being that the PRO4A has sliding faders and pan controls and the PRO4C has a series of rotary faders (8 - one for each bus). The PRO4A strips are geared towards live sound and recording and the PRO4C are designed for monitor mixing. Other than that they're virtually identical from a functional perspective, and either one will do the job in a studio environment. The PRO4C strips would just be a little more convoluted to work with for mixing purposes.
It's hard to say what a fair market price for these consoles would be, since they were all custom built for various purposes and each and every one is different. Mine is a 32 channel with the PRO4A strips that was built for Mountain Sound back in the 70's. I can't tell you what I paid for it, but I will say it was one heck of a deal. Especially considering that the console was in practically 100% working condition. They do go fairly cheap though, I've seen 24 and 32 channels going for between $2-4k, sometimes even less.
Specs wise, everything is top notch - P&G faders, gold contacts, Sowter trannies, etc. The pre's are ClassA/discrete, with more gain than you could ever need - even with ribbons. And they sound GREAT overdriven. Sonically they're very aggressive and punchy, very "API-like" in capturing transient attack, but they definitely have a character of their own. I have a pair of PM1000 channel strips as well, and the response of the Midas strips is very similar but with a different flavor. The pre's ARE colored, but it's a warm and pleasing color. I find them to be an excellent compliment to my RNP.
The PRO4's were manufactured in the late 70's/early 80's, but they were built like tanks - the frames are solid steel. They hold up VERY well over the years and shouldn't require a lot of teching to get in working order. The channel strip capacitors are polycarbonate and shouldn't need replacing (my tech highly advised me NOT to replace these), however there ARE electrolytics in the submasters you'll want to replace, as well as a few in the power supply.
Some PRO4's were built for live use, and others for recording. Converting a live board for recording use is VERY easy though, and adding direct outs to the channel strips is a cinch and takes all of 10 minutes to do. The PRO4 strips already have sockets for adding a direct out and even have a mount for an additional transformer if you want to make your outs balanced.
If you should ever need it I have info on all of the mods for these, as well as schematics for every square inch of the PRO4 and most of the other PRO series as well. Oh, and here are a couple of pics of my PRO4:
Good luck
-Lance