I'm currently developing a website in Django v1.2.7. That's the version as per requirements, but I think I could change it without problems. I was thinking about using v1.3 (because of class-based views, etc), but the version 1.4 was released a few weeks ago. My questions are:
Migrations are Django's way of propagating changes you make to your models (adding a field, deleting a model, etc.) into your database schema. They're designed to be mostly automatic, but you'll need to know when to make migrations, when to run them, and the common problems you might run into.
Makemigrations and migrate are commands that are used to interact with Django models. Makemigrations : This command prepares a makemigrations file for our new model, or creates a new migrations file for any changes if the models have been modified. This command does not create or affect these changes to the database.
Both your questions are answered at the release page for 1.4
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