Updates from 7.x-1.2 may fail on some sites with fatal errors due to issues with Drupal 7's classloader, making update.php and the rest of the site inaccessible.
There is no way to resolve this in entitycache itself, so it requires an additional step when updating the module.
The first stable release will happen when all of core's tests pass (with entitycache hacked into the dependencies for the standard/minimal/testing profiles since it ought to work transparently).