Over the weekend I am planning to upgrade a test site to 1.2 from 1.1.4. I know the 1.2 is beta and its says that it is Unsupported but would I still be able to upgrade that beta version when a supported version comes out or will I need to revert back to my previously supportedversion of 1.1.4 and then upgrade?
Yes. They can be upgraded to new releases. In fact, if you were to install 1.2.o without installing any of the betas, your site would still go through the steps of installing the betas (database changes).