Not a great built in setlist, but you've been carrying over all the other setlists since the first one, right? ...right?
As people say, it is a step backwards after Rock Band 3. There’s no pro mode, no keyboard, no bass effects, and they moved modifiers to the main options menu. How stupid is that? The setlist is good tho, the interface is improved, and there are freestyle guitar solos!
All in all, if you are new to the series, you’d better start with RB3. If you are a veteran, than give this part a try too.