In general I think you are correct - which is why the consensus is: don't wait for the update. I would suspect that the most significant impact would be on Part I, as it would now have to cover the whole 1.4 spread.
You are correct, CX-310-300A states:
The assignment requires that you have an in-depth understanding of the Java programming language and J2EE APIs. You can choose to use any released version of the J2EE APIs.
I would expect the assignment to be updated to include requirements that are more readily addressed with technologies available under 1.4, i.e. you could still solve them with 1.2, however not necessarily so elegantly. Also you I would expect more strict evaluation in terms of relevant usage of J2EE design
patterns, so that you don't arrive at a design that may be valid in terms of general architecture but actually is a J2EE performance zombie.
Somebody in another
thread commented that some of the current Part I questions seemed to be easier to answer if picked answers that where (architecturally) sound
and showed Sun's technology in the best light (i.e. 'what does sun want from me' ). I wouldn't be surprised if that would shine a little bit of through even in Part II/III (both current and future versions).