1.0 is the original 505 (US) firmware
1.1 is the updated firmware, which added reflowable PDF & ePub support
1.2 is the firmware on the UK 505's which as far as I'm aware, just differs from 1.1 by having 'dd/mm/yy' date formats rather than 'mm/dd/yy' formats.
The PRSCustomizer is currently based on 1.1 firmware but, as I understand it, it should be possible to take a dump of 1.2 device to add 1.2 support. I don't know the details of what's involved, though...
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