I use a 3.0 and am fairly happy with it. Although the thumb buttons are utter crap and feel real cheap, but I barely use them and I already got used of letting my thumb rest below them. And that's a very good thing about it, my hand sits really good on it, my pinky doesn't slide off the mouse and drags on the mat and I've never accidentally clicked left or right click. You have the wheel problem, and that's a real shame, since it happens quite often if you are not paying attention to not leaving the wheel halfway scrolled.
I got the IntelliMouse after trying a Razer Diamondback, that started to fail after a year or so, and the Razer support wouldn't help me in any way. Before that I had standard mouse and a double optical from Logitech that worked pretty good until it died on me after years of use. The 3.0 works perfectly (in its imperfection) after 3 years I guess, so I can't really complain about its electronic and mechanical quality.
The painting is another story though, it wears off after a while and rather fast. I could take a picture of it if you are interested. It's not that terrible, but it doesn't look good either.
The feet are really durable, I haven't had the need to change them or anything in all this time, and I doubt I'll ever do.
About the 1.1, I used one a couple of times and it just felt small. Maybe if your hand isn't that big it might suit you well, but it wasn't my case. I like bigger mice and I'm also fond of ergonomic shapes.
Hope that helps.