Q: I know how to morph materials in 3ds4, but how do you morph objects? It seems so complicated.

A: Sometimes the object and the morphing target have different vertex count.

There is a workaround (as described in "Inside 3D Studio") - you can take two totally different objcts (different vertex count!) and create a morph target for each one that is regular (sperical, or cubic). There is an IPAS by Yost Group called Spherify (Disk #2) that does this automatically. Then you can morph the first object to its spherical morph target, hide the first object and show the second object's spherical target on the same frame. Then morph the second target to the first object. Like this:

X->x->O
      O->y->Y

How to create cubic morph targets without an IPAS is described in "Inside 3DS".

Addition:

There is also an IPAS plug-in that changes the vertex count to make two objects morphable.
It is called FreeMorph by Sokerov Studio.
There is a convertible working demo of the program.