My advice is that if you are starting a new Rails 3 project, you should definitely consider starting it with Ruby 1.9.2. Heroku supports multiple stacks with the default, now Bamboo (the one that supports 1.9.2 as well as REE). If you are concerned about compatibility with the stone or something else, you can hedge your bets and use RVM and / or multiruby to run the test package through several versions of ruby โโso you can deploy either runtime.
Personally, I run the Rails 2 application on REE and the Rails 3 application on 1.9.2 and have not experienced any problems.
If you are not deploying to Heroku and setting up your own server, then I would manage your Ruby versions using RVM on your production server so that you can easily switch between versions if something does not work.
In short:
You can run Rails 2 and 3 applications on REE and Ruby 1.9.2.
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