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0.4.2 is Ghost’s latest release. The current plan is for the image to be updated to Ubuntu 14.04 the next time that Ghost makes a new release.
Ubuntu 12.04 is a Long Term Support release and will continue to receive security support until 2017. So you can consider it a solid base to build on still.
If you’d like to go ahead and install Ghost on 14.04, we also offer a Node.js image you can build on. Feel free to ask questions if you run into any problems!