AIM 5-4-9 Procedure Turn and Hold in-lieu of Procedure Turn
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5. A holding pattern in lieu of procedure turn may be specified for course reversal in some procedures. In such cases, the holding pattern is established over an intermediate fix or a final approach fix. The holding pattern distance or time specified in the profile view must be observed. For a hold-in-lieu-of-PT, the holding pattern direction must be flown as depicted and the specified leg length/timing must not be exceeded. Maximum holding airspeed limitations as set forth for all holding patterns apply. The holding pattern maneuver is completed when the aircraft is established on the inbound course after executing the appropriate entry. If cleared for the approach prior to returning to the holding fix, and the aircraft is at the prescribed altitude, additional circuits of the holding pattern are not necessary nor expected by ATC. If pilots elect to make additional circuits to lose excessive altitude or to become better established on course, it is their responsibility to so advise ATC upon receipt of their approach clearance.
From what I can gather reading this paragraph (specifically the bolded and underlined sentences) it would seem that the FAA and NACO want pilots to fly the hold exactly as published with an additional emphasis on not exceeding the leg length limitations shown on the chart. This implies to me that they would like you to fly the hold legs (both entry and subsequent legs - as discussed in earlier postings) to the exact specs listed on the chart therefore, proceeding all the way out to 4 NM (for example) on a normal entry for a depicted hold on a normal GPS Approach.
Additionally...
FAA Instrument Procedure Handbook - Chapter 5, Page 5-39
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". When a holding pattern is published in place of a procedure turn, pilots must make the standard entry and follow the depicted pattern to establish the aircraft on the inbound course"
The above passage is referring to the "Holding" Section in Chapt 5 of the AIM where it states (as noted in previous postings) that if a distance is noted instead of a time, then the entry and subsequent legs will be determined by distance instead of time as well.
Since the depicted pattern in question has a distance instead of a time shown, then I believe that this passage (and the reference to "standard hold entries" in the AIM) also favors using the whole depicted 4NM (for example) on a normal GPS hold.
Finally, as others have said, I do NOT believe that this is a 100% definitive explanation however, in my opinion, it would seem that the FAA and NACO are trying to tell us (in their noisy, convoluted Lawyer language) that we should do what it says on the plate and since it says 4NM on the plate, I will fly out to just a little prior to 4NM and then make my turn back inbound when doing this course reversal. I believe the one thing all of us can agree on is that a pilot will be safe AS LONG AS he/she remains WITHIN the 4NM on the outbound leg of the hold entry. If you turn early or right at 4NM, either way, you will be safe as long as you do not go beyond the 4NM limit.