Li's proof of Riemann has a flaw -- but all might not be lost?

Terry Tao claims that Li's proof of the Riemann hypothesis (which I wrote about yesterday) is flawed. (via Ars Mathematica.) But that was, I think, version 2 at the arXiv; the paper is now up to version 4, which apparently attempts to fix the flaw Tao claims in version 2.

Alain Connes has also weighed in at his blog; Li's paper relies on his work.