The choise OVERALL is yours, but you wont be able to connect, you can always update, check out it's features, then downgrade or wait until the server is updated, which I don't suggest it could take from 33 minutes - 33 days. I'm with Glooble, I think you should just wait till the server updates, we all hope it'll be on the 33 minutes side, not 33 days.
I am sure it will be posted on the forums and twitter when the server is officially 1.2, always better to wait till then, to me downgrading is a hassle. Always good to have a single player game called, server down to get your fix, or a backup multi-player server to go on when you can't be on your favorite.
For all your questions on the Update of the Server, refer to This Topic.. There will be an announcement on the forums when the administration states it is Safe for you to update. Until then, do not update.