I know the reason why PR 1.2 is late. Nokia want to test their customers fidelity. If we pass the test they will reward us with a firmware who has all the symbian features plus all the best that maemo brings. Then the OVI store will fill with a lot of cool applications and games, even NGAGE. That's why we have to be patient. The problem is that the guys didn't tell us how long the test will be. Cheers!
It has always been my opinion that we are not looking beyond a PR 1.4 (as in two more PRs after 1.2). PR 1.3 will come to fix a few things and add more features, and 1.4 will be the customary update after Meego (probably minor) to make Maemo users feel unabandoned.