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We have no plans to update at this time. A large number of our users' rely on software and features that no longer work or are deprecated in PHP 5.5, and there are also compatibility issues with cPanel. If we ever do update, it will occur on Johnny first, likely to whatever version cPanel comes with (probably 5.4.x)... I personally would recommend that you target 5.4 since it's quite compatible with 5.3 and your 5.4 app would likely run here with few/no changes. Major paid hosts like HostMonster are running 5.4 by default as well, so developing for 5.4 will give you the most choices for a host. Also: The MySQL server does not support InnoDB, so most major software requires the install script be modified to change the database engine to MyISAM.