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Often, the only real need for later IOS versions is to use the features they provide. If no feature unique to a later IOS is needed, earlier is probably better, for several reasons. First, earlier versions without as many features tend to be smaller, i.e. less RAM demand, less flash needed to store it. Second, less "moving parts", i.e. less things to break. Third, older is often further along in its life cycle, i.e. possibly more stable.
