In reply to Jamie B:
Have to remember that the gradings for classic gullies like this date back to when ropes were shorter (35 m when I started, 45 m in 1970s), ice tools and crampons weren't as good as today (Pumpkin FA was step cutting!), people owned/carried far less gear, and ice screws in particular were nothing like as good as they are now. When I did Pumpkin in 1975 there was no choice but to belay on a single Salewa ice screw before the steepest part. Technically it was no harder than Comb Gully Buttress (which we did the next day) and slightly easier than Orion Direct (day after), but the two longer routes were way more serious than CGB.
When the split grading system came in (early 1980s?) there was a proposal to downgrade several of the classic snow/ice climbs, but as Andy Nisbet notes above it was decided to peg them and use VI, VII etc for harder climbs. That being so, V,4 seems reasonable for climbs like Pumpkin.
The other thing that's changed is the amount of traffic. Back then there were considerably fewer winter climbers, particularly on grade IV/V routes, so we were usually heading up untracked ground with no steps, hooks, or ready-excavated belays.
Rob F