Honestly, stick with your stock radio. If you absolutely MUST upgrade, do 1.40.
1.40 comes stock with Alltel's WM6 ROM and that is considered the best WM6 ROM from any carrier at the moment.
As for what they do... They screw around with your CDMA radio settings. Ie., tower preference, hand-offs, etc. Battery life and less lockups is relative. Take the 1.47 radio, for example, which locks up the phone when its roaming or when leaving an EVDO area. Luckily, I never had the misfortune to have to use that.
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