When I played on random SMP servers, they would only update the FTB version they were running when it was an odd number, like 1.1.1, but for 1.1.2 they wouldn't update. The FTB launcher "Recommended" feature seems to operate in similar fashion, so it must be some sort of unspoken rule I guess... but I long ago took the plunge and have been running 1.1.2 without any apparent problems. But I almost wish I hadn't, because when I played SMP I had to run 1.1.1, and then for my SSP world I had to run 1.1.2 and that was a hassle.