While searching on the internet I found some interesting information about King Henry IV character.

The threat of rebellion from the Percy family and the capture of Mortimer force him to again delay his plans. On a personal level, King Henry IV is saddened that his son, Prince Henry lacks what he feels are the qualities required of a future king. He worries that Hal is wasting his life and fears that those like Hotspur who earn the people's admiration are more likely to succeed him, not his own son.
As a leader, King Henry IV is cautious but disciplined. He does not let Hotspur forget his obligations to him and wisely offers the rebels generous terms for their surrender to avoid war. King Henry IV also appears to be cunning, placing many look-alikes to himself on the battlefield to confuse the rebels...

More character analysis can be found at this site.

Shakespeare and Modern Politics

I found it rather interesting that I came information about this play in which the Prince is compared to our current President Bush. Now if that isn't proof that Shakespeare's work is still a source of debate I don't know what is!