The fleshraker: no other animal gets more frequently mentioned in optimization threads of any kind (except perhaps chickens). It's been used as an example of druids being overpowered, of WotC being bad at assigning CRs, of Venomfire being totally awesome... That said, how does it perform as a PC?
4 animal RHD aren't that bad, but still something you'd like to avoid if possible. 17 strength, 19 dexterity, and 15 constitution are quite nice physical stats, and the four (!) natural attacks don't hurt either, especially with three of those carrying a dexterity-damaging poison. Add a mouthpick weapon and you've got yourself one threatening combatant.
Leaping Pounce, the creature's main ability, is excellent. Not only does it duplicate Pounce, it also allows for free trip (and potentially grapple) checks against small enough charge targets. Furthermore, it also adds a neat little rake to every charge.
Last are a large bonus to Hide, as well as Jump.
As useful as these features may be, the fleshraker suffers from a lack of opposable thumbs, intelligence, and versatility. However, I think +0 LA is still very appropriate on this creature. At ECL 4, it won't be outshining various other T4 options, but it will have several advantages that make it worth considering.