Pherim: I still have the "classic" versions here from before they had been removed, so I can't really say much about the current state of the games on GOG. But yes, 1.2 should be the latest official version, as far as I know.
sanscript: What version does they have? The same I'd imagine?
Apparently, the "classic" versions of the Fallout games now have the same installers as the "new" versions, so the main difference now are the extras which are missing from the new versions. But other than that, I am not sure about the differences between the new versions and those that used to be sold before they were removed, but according to what I could find in the Fallout sub forum, there are not many differences at all. The actual game version most likely is the same, however, the new installer of Fallout 1 appears to include a high-resolution patch. I haven't checked this myself, though, and I don't know if I still have an older version of the installer lying around somewhere.