1. We do indicate on our
theme release status page that the dates are ultimately "target dates", so whilst we certainly plan to have the release out at that time, we do not recommend that you schedule projects around the specific date, just in case for some reason the date cannot be met.
2. Vantage v1.2 is a major release, so there will be new features and functionality that will be included.
3. If you were to purchase now, updates to Vantage are included in your purchase for the next 12 months (v1.2 included), so there would be no specific harm in purchasing now if you plan to purchase in future anyway.
Purchasing now would give you a change to start looking at how you may implement the changes you want to make, but knowing the next release isn't too far away, it can give you an idea of how much work you may want to do. Either way, we would recommend that you look at creating a child theme for Vantage for any customizations you wish to make, to ensure that you don't lose all of your changes in the process of an update. We have some useful documentation which would help explain this process which you may like to start looking into also:
http://docs.appthemes.com/developers...mising-themes/
http://www.appthemes.com/blog/restyl...a-child-theme/
Thanks.