A quick Google suggests that:
- Format 4 is fixed at 32kb/s, 22kHz, mono, while enhanced is more flexible, with 32-128kb/s, 22 or 44kHz, mono or stereo. (In practice seems to be 64kb/s, 22kHz)
- Enhanced is AAC, Format 4 is MP3
- Enhanced generally uses twice as much space.
Some detail here:
https://audible.custhelp.com/app/ans...st-suits-me%3F