Well, I tried the previous patch before but does not do me any good when it comes to playing multiplayer online. So I upgraded it to 1.2 and haven't got major problems with for the most part.
One thing that bugs me is that sometimes in BF2:SF I shoot enemies in prone position with anti-tank weapon and it doesn't kill them. I was amaze an anti-tank weapon does little damage on direct hit. Or if your too close to your opponent in prone position you can't stab them to death. It's just weird.
I hope the rumored 1.21 patch would fix some bugs in 1.2.
If it doesn't support SLI I want to see it when it does. I'm running 1280x1024 with everything on the highest settings I can get, and I still have yet to drop below 80 fps.
As for bugs, yes the 1.2 patch is buggy, but as Chuck said, nothing extremely major. I believe that tweakguides.com had an article that was devoted to all the bugs in the new patch. Decide for yourself, but I say just install the 1.2 patch.