There have been three iterations of Acrobat, but not three iterations of the PDF standard.
PDF 1.4, which was first introduced in Illustrator 9 (and later Acrobat 5), introduced three new features. One was transparency, which Apple already had. The other two -setting the print quality to lower resolutions and new encryption capabilities- don't really apply to a screen drawing model. So despite the version number, Quartz has everything from PDF 1.4 which matters.
PDF 1.5 is the latest version, introduced with Acrobat 6. Once again there are three new feature, only one of which matters to a screen drawing model like Quartz. The other two are extra compression techniques and improvements to tagged PDF, neither of which really applies. The third feature -layers- is the one thing from this that OSX still doesn't support. Then again, the usefulness of layers to a screen drawing system -where you can get the same functionality and more by using multiple drawing contexts, something well beyond the ken of a file format- is arguable at best.
End result: Quartz isn't really behind. Given that, it may be better in the long run to stick to a better-known and better-implemented version of the standard, when you don't really need (or already have) the features from later versions.