On the whole I think 1.4 does a half decent job for us first gen kobo users and if there is another upgrade to let us take care of some lingering problems (sd card slots are useless on both my kobos since they make the unit so unstable) and add some new features then I would be content. I don't expect them pour money into changes if the unit is stable and functioning.
I do expect them to remember that I bought a first gen kobo which made it possible for them to get to the second gen. And that I still buy ebooks (which I assume is why they bother with ereaders since the profit comes from the books). Anything that makes it difficult for me to read those books (i.e. an upgrade which crashes my database) pushes me towards another ereader and bookseller.
Nothing has led me yet to believe that we have been forgotten (we are not a top priority anymore since the second gens are here) and I hope that continues.