I have a Rails 2.3x ecommerce app that is not our primary product but still makes us a good amount of money.
Personally, I'd like to upgrade to Rails 3.2x (and eventually 4) so I can take advantage of some newer gems. However, the task is a little daunting given we use some older authentication and file upload libraries. All that to say, if I can't get it done soon, I will definitely go the Rails LTS route.
BTW, If any Rails devs out there want a challenge and have some time, please get in touch with me.