Voting starts in March for the Drupal Association Board election.
So, the idea to make version numbers match Drupal Commerce numbers was short-lived. Apparently you cannot have incremental releases below minor releasees (i.e. 7.x-1.2.2). We needed the update to Drupal 7.12, and actually the previous commit to update to Drupal Commerce 7.x-1.2 was to a disconnected HEAD. This update fixes both problems.