I used to have a server on 1.39....it was fairly kewl, fairly modern...but, lots of missing tiles and scripting features. Most NPCs didnt work, because the NPCserver that came with it wouldnt work...so you couldnt warp by NPCs, because the command was serverside, and that side of the server wasnt there. It turned into a staffweapon/pk private server, but it didnt lag at all, because it was privately hosted
. It was taken down cause it sucked, and it was illegal.
It was hard to set up though, i know that much, and you can't run it on your computer unless you have Linux with MySQL installed.