I think I know what is going on with 1.2.
Nokia is waiting for this tread to become so large that it will overshadow Twitter, Facebook and MySpace put together.
In a month the tread will be the new hit in the social networking and they can spin it of as a separate site.
At that point you will think that Nokia will release 1.2?
Naaa ... they will develop "an App for that" and will sell it on iTunes for 19.99.
Facebook, Twitter and MySpace will have no choice but to join forces and release 1.3 version if they want to stay relevant (and stop this madness).
It is an ingenious approach. Make money while your competitors are working for you.
I say let's beat them all and develop a widget for this tread before anybody else is able to monetarize it!