You can apply the latest patch for 2011.1 (you don't need to install each individual patch between SP1204 and the latest).
However, you might want to consider upgrading to 2012.1 along with its latest service patch (2012.1 was released at the begnining of this year) - if you do that then you will need to migrate your data off 2011.1 before importing into 2012.1 (follow the instructions in the VeSys upgrade guide which comes along with the installer for 2012.1).
Is there any word on when the 2013 version might be out? What modifications might we see?
Hi, We are planning to release 2013.1 at the end of this year. It’s at a late stage of testing, so we know what is likely to be in the release. Unfortunately until it is released we can’t publically disclose what has changed, (there is always a chance we will discover a new feature not working exactly as planned and we have to withdraw it from the release).