Pending that you havn't had any quest bugs yet...is it advisable to delete saves and restart game after getting the 1.4 update (when it comes out). I'm debating whether or not to start up a new character. Odviously I won't if I'll have to restart later anyways. I know that with Fallout 3, continuing with an old character after getting a patch caused some pretty wacky problems for some people (like distorted models being flung across the map...Flying-twisted radscorpion I choose YOU!)

It might help. Some quests can't be fixed if you've already started them, so loading an older save will be the only way to fix them.

You'll probably get better results with the patch if you restart the game, but it won't be necessary.