Laughing Man please forgive me for simplifing this (and tieing this to the Windows Universe):

Meego 1.0 is to Maemo 5 is like Windows 7 to Windows XP.

The next version of QT for Maemo/Meego is like the next version of .Net for Windows XP/Vista/7.

PR 1.2 is like the next Service Pack (eg. SP2) to Windows.

Hope this explains it better for some.

Disclaimer: The numbers& versions are not important! They are there just to ilustrate the comparison