Updates are included in your licence as long as it is valid, including 4.0 which is just the next incarnation of Event Espresso.
Should you wait? Up to you. If you need event management now, go with 3.1.X. When 4.0 is released it will be done as a de-caffineited version, so functioning but with some missing features and no plugins available, these will be released regularly afterwards.
When will 4.1 be ready? We need to get 4.0 done first! No timescale on 4.1, though once 4.0 is out and the add ons are done, then we will carry on with our regular update cycle.
Sounds like it will be good to go for the current version now. 🙂
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