AS is not well written and M$ seems to only be willing to do very small incremental steps in development efforts to improve it.. While I'm sure it is a very complex set of code, I'm also relatively sure it can do things a lot better than is happening right now.
There are days when I long for the simplicity of my Palm device, but I couldn't connect to Outlook without a lot of pain.
But I understand they now have their share of problems as well.
And you are correct 4.2 is the current non-beta. However, I'm running 4.5 beta at home and at work successfully. The major change I had to make was to turn off the USB to PC enhanced networking features.