The official Battlefield 1942 site at EA.com has a new community message with some additional information about the upcoming 1.2 patch. Unfortunately, client prediction improvements will not be included. Here's what is mentioned

This one's a toughie. We will not be able to address client prediction in the 1.2 patch. The fixes are more complicated than we initially thought. Rather than putting you all through change and counter-change, we want to get it right the first time. So, please be patient...we're aware of the problem and working to solve it.