Thanks everyone for the replies. I’ve been testing some more in both 4.0 and 4R6 and from everything I can tell the AO does NOT work correctly in 4R2 and up! In 4.0 is worked perfectly and as per the universal description of an “Ambient” Occlusion pass, even on a Flat Shader. In the more recent updates there appears to be some kind of rendering optimization or ray sharing between lights and AO that was added which really makes getting a PURE AO render all but impossible. I’ve tried the lightcap file from Marcus but this does not even come close to the proper AO look that ZB4 achieved with a single button click.
The really frustrating part is that I keep getting very different results from render to render in 4R6. About half the time I get no AO at all, then if I slightly move the light (or maybe turn it on, render, then back off) the AO will suddenly appear again. I’ve attached some images that demonstrate what I’m talking about.
This is rendered in zb4.0 and uses the basic material. Notice that I’ve turned the one light down to intensity of 0 and ambient up to around 60. Perfect results!

Here is another render from 4.0 using the flat color shader with AO on in BPR. Once again, just as you would expect.
This one if from 4R6 and shows how the main light source has a HUGE impact on the AO…even though it is set to Intensity of ZERO and the ambient is up at 60.