My understand of +4dBu is the dBu part is based upon 1mW power with a 600 ohm load (the telecom thing) and the +4 is the extra bit of voltage required for the necessary power drop into an analog VU meter.
At a minimum, the standard ought to be 0dBV, just so educating newbs on operating levels doesn't involve an 80 year history lesson.
Probably we should go ahead and define the terms, so we are clear about the different descriptions of level.
0) dB of course is a dimensionless ratio of power (intensity) levels: dB (power level) = 10 log (P2/P1). dB is also approved for use with field quantities (voltage, etc.) where dB (voltage level) = 20 log (V2/V1)
1) dBm - the generally old school unit measured as dB referenced to 1 mW into the (then) normal 600 ohm load. Under those conditions, this produced a reference voltage of 0.775 V
2) dBV - dB referenced to 1 V.
3) dBv - dB referenced to an unloaded voltage, with that reference voltage picked based on 1 mW into 600 ohms = 0.775 V. Due to confusion between dBV and dBv, dBv morphed into...
4) dBu - same as dBv, it is dB referenced to an unloaded voltage of 0.775V, which is the holdover reference to the old school dBm world.
Note that 0 dBV = 1.79 dBu. I'd argue for a new voltage standard no higher than 0 dBu, and indeed no one should wait around for gear to change. Unless everything you use plays nicely outputting and inputting peaks at +28 dBu, I'd suggest you operate at no more than 0 dBu if at all possible without producing (additional) chaos and mayhem in the studio.
Indeed, switching to digital gear has created a possible need to reduce studio operating levels, because the possibility now exists for higher crest factor recordings. When tracking and mixing to tape were the norm, a crest factor of 14 dB was about the most you'd expect to see due to the MOL (maximum output level) of most tapes, which left a nice cushion from +4 dBu + 14 db = +18 dBu up to the +28 dBu maximum balanced level of typical older studio gear.
Especially when you have gear with 15V power rails or less with maximum levels of +22 dBu or maybe lower, providing say 6 to 8 dB of cushion and allowing the headroom needed for a crest factor of 20 dB means that operating levels could be lowered to -4 dBu with justification and I know I have gotten good results operating down there. I find it maximizes the sound quality of gear that lacks the capacity for really high levels, like my little Mackie mixer.
Cheers,
Otto