How elementary can we go? It is a theorem of A. Levy, if $\kappa$ is an inaccessible cardinal, then $V_\kappa\prec_{\Sigma_1} V$ namely $V_\kappa$ is an elementary submodel when considering only $\Sigma_1$ sentences.
One might expect that the "amount" of elementarity will grow quickly as we progress with large cardinal axioms, however for the next step, $V_\kappa\prec_{\Sigma_2}V$ we need to get much higher. In order to assure this level of elementarity a supercompact is enough (is it too strong? judging by the stage this theorem appears in Jech's and Kanamori's textbooks I would say that if it is too strong then it is not strong by that much)
To have $\Sigma_3$ we need to go even further to extendible cardinals (again, this might be too strong. I am not too familiar with this notion yet).


*

*Is there a known large cardinal notion to give $\Sigma_4$ elementarity of $V_\kappa$? What about larger $n$? 

*I would expect complete elementarity to fail due to some Kunen inconsistency theorem sort of argument, is this true?

*Are there results in the reverse direction? Namely if $\kappa$ is such that $V_\kappa\prec_{\Sigma_k}V$ then $\kappa$ has to be inaccessible/supercompact/extendible/etc


If we use all sort of set theoretic notions to measure how far $V$ is from an inner model (forcing axioms, large cardinals, how the cardinals behave in the inner model compared to $V$, sharps and covering theorems, etc etc).
Assuming the answer to the first question is not "It is inconsistent.", is there a useful way to use this approach to measure the difference between $V$ and its inner models?
 A: This following result answers the third bullet item question in the negative.
Proposition. Suppose $(M,\in)$ is a transitive model of $ZF$ of uncountable cofinality. Then there is some ordinal $\alpha$ in $M$ of countable cofinality such that $(V_{\alpha})^M$ is a full elementary submodel of $M$.
Proof: Use the reflection theorem to produce an increasing sequence $\alpha_k$ for each $k \in \omega$ such that $(V_{\alpha_k})^M$ is a $\Sigma_k$-elementary submodel of $M$. The desired $\alpha$ is the union of the $\alpha_k$'s. QED

So it is quite possible to have $\kappa$ such that $V_\kappa$ is a full elementary submodel of $V$, without $\kappa$ being even regular, let alone inacessible.

A: The second and third of the bulleted questions are answered by an old theorem of Montague and Vaught.  Suppose $\mu$ is the first inaccessible cardinal.  Then there is $\kappa<\mu$ such that $V_\kappa\prec V_\mu$.  Thus, from the point of view of $V_\mu$, there is an elementary submodel of the universe of the form $V_\kappa$, even though there is no inaccessible cardinal.
A: I would like to mention, on the second question, that superhuge cardinals are in fact $\Sigma_5$-reflecting, that is to say inaccessible and $V_\kappa\prec_{\Sigma_5} V$. The reason is first that every superhuge cardinal is extendbile, and so $\Pi_4$ formulas are downward absolute in $V_\kappa$. Suppose we have $\exists x(\phi(x,x_0,\dots,x_n))$, where $\phi(x,x_0,\dots,x_n)$ is $\Pi_4$. Let $z$ be a witness to that, and let $\lambda$ be $\Pi_4$-reflecting such that $z\in V_\lambda$. Then, we can find some $j\colon V\rightarrow M$ such that $M\vDash(\Pi_4\text{ formulas are downward absolute in }V_{j(\kappa)})$ and $j(\kappa)>\lambda$. Then $z\in V_{j(\kappa)}$, and so $M\vDash(V_{j(\kappa)}\vDash\exists x(\phi(x,x_0,\dots,x_n)))$, and so $V_{j(\kappa)}\vDash\exists x(\phi(x,x_0,\dots,x_n))$. As $V_\kappa\prec V_{j(\kappa)}$, we have $V_\kappa\vDash\exists x(\phi(x,x_0,\dots,x_n))$ and so $V_\kappa\prec_{\Sigma_5} V$.
In fact, the set of such cardinals form a normal measure below $\kappa$. Let $D=\{X\subseteq\kappa\mid\kappa\in j(X)\}$. Then by a similar argument $M\vDash(\text{$\kappa$ is $\Sigma_5$-reflecting})$, then $U\in D$,  where $U=\{\lambda<\kappa\mid\text{$\lambda$ is $\Sigma_5$-reflecting}\}$.
A: The hypothesis that $V_\kappa$ is $\Sigma_k$ elementary or
even fully elementary in $V$ is much weaker than you say.
One can see part of this quite easily by observing that for
any inaccessible cardinal $\delta$, then
$V_\delta\models\text{ZFC}$ and there are a club of
ordinals $\alpha$ with $V_\alpha\prec V_\delta$. In
particular, if $\delta$ is Mahlo, then there are a
stationary set of inaccessible cardinals $\kappa$ with
$V_\kappa$ fully elementary in $V_\delta$.
In particular, if we lived inside $V_\delta$, we would
believe that there is a stationary proper class of
inaccessible cardinals $\kappa$ with $V_\kappa$ as fully
elementary in the universe as desired.
It turns out that although we can express
$V_\kappa\prec_{\Sigma_k} V$ as a first-order assertion of
$\kappa$ and $k$, it is not possible to express full
elementary $V_\kappa\prec V$ as a single first-order
assertion of set theory. Instead, we may use a scheme.
Thus, we introduce $\kappa$ as a constant symbol, and
consider the scheme, denoted "$V_\kappa\prec V$ ", asserting
of every formula $\varphi$ that $$\forall x\in V_\kappa\
(\varphi(x) \iff V_\kappa\models\varphi[x]\ ).$$ If we
add the assumption that $\kappa$ is inaccessible, then this
is known as the Levy scheme.
Theorem. The following are equiconsistent over ZFC.


*

*The Levy scheme. That is, the scheme "$V_\kappa\prec
  V$ " plus "$\kappa$ is inaccessible."

*"ORD is Mahlo". That is, the scheme asserting of every
definable (with parameters) proper class club, that it
contains an inaccessible cardinal.


Proof. The first implies that $V_\kappa$ satisfies ORD is
Mahlo, since $\kappa$ will be a limit point and hence an
element of any such club as defined in $V$ using parameters
below $\kappa$. If the second is consistent, then so is the
first by a compactness argument, using the reflection
theorem. QED
Meanwhile, if you drop the inaccessibility requirement,
then you can attain the following, which many set theorists
find surprising.
Theorem. The scheme "$V_\kappa\prec V$ " is
equiconsistent merely with ZFC.
Proof. If ZFC is consistent, then so is every finite
fragment of the scheme $V_\kappa\prec V$, by the reflection
theorem. QED
One can even attain a proper class club
$C\subset\text{ORD}$ of cardinals, with each $\kappa\in C$
satisfying the scheme $V_\kappa\prec V$, without going
beyond ZFC in consistency strength.
Both versions of the axiom $V_\kappa\prec V$ were important
in my paper on the maximality
principle, the
principle asserting that any statement that is forceable in
such a way that it remains true in all further extensions
is already true. It turned out that one can force the
maximality principle only from a model of $V_\kappa\prec V$
(and you need $\kappa$ inaccessible for the boldface
maximality principle).
