HDMI 1.4 is for use with all current HDMI equipment and is fully backwards compatible. Updating to the 1.4 version ensures you are future proofed and ready for the next generation of devices using the new ethernet channel (which previous versions will not support)
HDMI 1.4 increases the maximum resolution to (3840x2160 at 24Hz/25Hz/30Hz and 4096x2160 at 24Hz) The 1.4 version also offers an HDMI Ethernet Channel, which allows for a 100 Mb/s Ethernet connection between the two HDMI connected devices.