I'm kind of curious about the expectations for 1.1, it's almost as if people are expecting to see a new game.
I am expecting the same game with some better AI, balance changes, and a few new features.
If that will make you like the game more, great, but if the game is boring for some folks now I don't see how 1.1 will radically change that.
1.1 is the point where they will introduce the new and shiny magic into the game. At this point, the Magic system (or really lack thereof) is the largest gripe identified by the Devs. They had a poll, and the magic system came out on top, with combat as a near second. There are also some research, UI, and AI alterations planned if I'm not mistaken.
I'm in the "not till 1.1" camp as well, to be honest. At this point, Elemental is stable and solid, but really doesn't in any way resemble the game that we were told to be excited about in the last couple years of press and public appearances. I am very hopeful seeing the changes just over the past month, but I find myself a lot more disappointed about what isn't implemented than I am excited about what is. Because I don't want to write Elemental off before it has a chance to be polished, I am choosing to let it sit until 1.1 (or 1.1B if thats what it takes).
I pay attention to the forums and post on things that matter to me to stay informed and to try to be a part of turning Elemental into the game that I was sold.