Yes, the Print Shop 4.0 is the application recommended to be used as an alternative to Print Shop Ensamble III. The Ensamble version is not compatible with modern operating systems while the Print Shop 4.0 appears to be a product updated with many features and compatible with the latest versions of Windows released.
You can get an overview using the following link: http://www.broderbund.com/p-868-the-print-shop-deluxe-40.aspx
Notice that the product is not free and requires purchasing before you can actually download and use it.
