4.2 from the looks of things will be able to run just as well as 4.1. I can't speak for later versions.
As I mentioned some time ago, I don't mind this being the last update, since the phone itself wasn't build for such OS, so its just amazing that we can have this version and if you would bring your awesomeness to the point that it would just work without major issues, I think it would be sufficient for Skate. We can be happy that we can get 4.1 and even 4.2 and if most of it would work as it should I think the Skate would be the best phone in price to performance ratio on the market atm (or one of the best at least) all that thanks to you. So yeah. 4.2 is fine