Well, we are considering going to 4.2 at some point, however that's a much more intensive migration I would assume - but I would defer to you on that as I've not gone through a 4.0 to 4.2 migration =]
Would you suggest after going to SP12, to then apply the patch?
I don't want to rock-the-boat too much with this upgrade, but SP12 has a few fixes that we currently would like from SP10. I'm sure 4.1 and 4.2 have them as well, but I was thinking that process was much more intensive.
Thanks Ajay!