Quite a lot has gone in since 1.1.2 and I'd love to move my active server up, but I'm wary of taking a svn snapshot or nightly build or just applying the patches to my site. At this point, there are very few trac tickets holding up a 1.1.3 milestone, so is there any chance of an official sub-point release soon?

There are no concrete plans, but something will be out soon. The nightly build is very stable and is basically what 1.1.3 will look like minus the 1 bug in trac (foreign characters). So if you do not use foreign characters then 1.1.3 should be ready for you.