you mean 4.2.1?? I would say update it. the worst that could happen is you have to do a factory reset to fix issues.
better do it now than later when its ok to do a factory reset.
google updated to 4.2 and then they have an update to 4.2.1.
here is the first thing i did when i got my Nexus 4 and nexus 10.
connected to wifi but didn't login with my gmail id and password.
updated the software to latest(twice, there were two updates) factory reset it and then logged in as normal.
No issues what so ever so far.
So if i factory reset it will go back to 4.1.1 or whatever?
because
Thanks, BTW if I do a factory reset, (I'm not rooted or anything) will it take me back to 4.1.1? I don't mind if it does, just curious.
Nope. It'll just delete all the data on it, making it just like it's fresh out of the box.
Sent from the cockpit of Gurren Lagann