The differences between 1.2 and 1.3 are minimal. They are functionally the same. Yes there is an update in the works. I'm aiming to release it before christmas (2016). It is very similar to the V1 but with more CV controls, a housing and and some expansion options. It will be a much more challenging build for beginners and the price will be higher. Not sure exactly how much yet but it will be twice as much circuitry and a housing more expensive. So for the DIY crowd I think the V1 is still an appealing option.