It all depends on what the app is going to do/use..

You are definitely right thinking you will have faster more stable 
success using rails2. That is not a rails thing but anyone in technology 
long enough knows this tradeoff no matter the platform. (java, .net, 
python, drupal, etc..)

The bigger slow downs/bugs/time lags tend to be around the plugins/gems. 
It takes time to get those all working properly.

Everyone wants to be on the newest version but think about servers also. 
If you keep upgrading your servers a lot of software will break. You 
can't go install redhat 6 as soon as it is released and think your not 
going to run into issues. Also think about how many bug fixes and 
service packs come out after new things arrive. You need to be careful 
in your decision.

What I have learned in all my experience is don't be bleeding edge 
unless you got it like that and/or want it like that. It seldom is the 
'logically smarter' choice for the majority of scenarios.
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