Not speaking for Mike but my take on his valve jobs (Mike, slap me if I'm wrong). I have a III and a IV.
Stage I - standard valve job
Stage II - standard valve job with porting and maybe KPM guides and springs
Stage III - 33.5mm KPM Black Diamond stainless intake, 28mm stock size stainless exhaust, KPM guides, springs & Titanium retainers with serious porting
Stage IV (also referred to as a Serious MoFo) - Lighter weight valve train. 34mm stainless Kibblewhite (KPM) intake, 28mm stainless exhaust both with 5mm stems vs 6.5mm on all above, KPM guides, Titanium retainers & springs (narrower than stock), and the best port job money can buy. It does take some serious cash for this option if you really want the best but you get what you pay for.
Somewhere along the road he has the head shaved but I'm not sure at which stage or if it's as needed.