I'm new to Rails, having only built two sites with it. So far I've only used Rails 4.0. I now want to start using LocomotiveCMS but it doesn't support Rails 4 yet. Since I'm starting a new project I don't have to worry about downgrading existing code to be compatible with Rails 3, but obviously if I start using Rails 3 as if it was Rails 4 I'm going to run into some problems.
Understanding the answers to these questions will make it possible to make an informed decision about how to make the switch and whether or not it's even worth making the switch. Since LocomotiveCMS uses Mongoid I'll be learning to use it instead of ActiveRecord, but I don't know if that helps or hinders.
Rails 4 is generally nicer and cleaner than 3.2, but 3.2 is nicer and cleaner than 3.0. Going backward should be fine, just be prepared to run into rough edges.