1.1 as an end-goal does not really match up to any REAL 1.1 or release. The wiki seems to implicate that 1.1 and SRB2ME are two separate products... technically they are one and the same, but figuratively, 1.1 probably means the point at which STjr says "this is as good as we can make it, now we are gonna quit because we are sick of it" in which case the context is more fitting...
As has been said in other topics, the version number dilemma has been messed up for a long time... the REAL 1.1 is not the same thing that it was going to be several years back, the REAL 1.1 is probably more of a 2.0-and-counting.