If there is a business need to utilize adop (AD Online Patching) since you can't afford downtime and the other features which are available in 12.2 then go with 12.2.2, otherwise you may go with 12.1.3 -- http://www.oracle.com/us/corporate/press/2016931?rssid=rss_ocom_pr
R12.1 / R12.2 : Oracle E-Business Suite Releases 12.1 and 12.2 Release Content Documents (Doc ID 1302189.1)
Oracle E-Business Suite Release 12.2 Information Center (Doc ID 1581299.1)
You need to answer that question If your system has mission critical than you can not go with one new release. Because one new release means could be has many bug. For us, for critical system we go with R12.1.3 but for test purpose and to see how new release work we have some test system also
Please see the announcement here -- https://forums.oracle.com/community/developer/english/e-business_suite/technology_-_lcm__r12_install_upgrade
ANNOUNCEMENT:Should You Upgrade to EBS 12.1.3 or 12.2?
We've just released official guidance on the criteria that you should consider when evaluating whether to upgrade to EBS 12.1.3 vs. 12.2:
by StevenChan(OracleDevelopment) (October 15, 2013)
- Should You Upgrade to E-Business Suite 12.1.3 or 12.2?