bulkmail,
As you have suggested, the main reason for upgrading your IOS level are for bug fixes and new feature support. Unless its "broken", I usually leave a working system as it is. In fact upgrading from version 11.3 to 12x may require additional RAM/Flash plus purchasing of the 12x license.
However you should check the Cisco site for known bugs in IOS version to to ensure a potential problem may not arise down the track in your router. Cisco recently released a security advisary detailing a "security hole" in all their IOS codes. If possible, you should go to latest version of 11.3(xx). You should be able to upgrade within the same IOS level with any licensing requirements (only problem is if you want to change feature set within the IOS level).
JimmyZ