Been discussing it as of late, Tran may update his server to 1.2.5, I've already compiled the server and clients so everything is good to go on that aspect. Right now, a few of us have been playing on a private server (on mc 1.2.5) The server still contains all the mods you are used to. The main difference should Tran upgrade the server will also be getting bukkit modifications as well in addition to IC2, RedPower, etc.
Soon as Tran decides the course of action regarding his server and upgrades will dictate what happens.