47.03 will have raids that won't corrupt your save and mess up your experience for good, so there's that. And traction benches that won't go into diagnostic repeating overdrive.
Not sure if there's really any reason to choose 44.12 over this. It's more stuff and less bugs (once 47.03 hits, anyway).
The reason would be that it typically takes months before a full-featured, and more importantly,
stable version of DFHack emerges again. The reverse-engineering work they do is extremely hard.
Also, new bugs just as bad as the raid corruption are likely to crop up, and be left unfixed for two years again. It's pretty much what happens every release cycle, except the raid one was particularly nasty it seems. Typically Toady's bugfixing spree doesn't last long enough for the really gnarly bugs to surface and be confirmed and fixed.
Since some of the bugs fixed in 47.x -and more- were
already fixed by 0.44 DFHack, that doesn't leave much of a reason to switch over right away.
I'm curious, what exactly in the devblogs were you thinking was going to be included in fortress mode that wasn't? Did you maybe think a brand new necromancer Tower Mode had suddenly been created? Players creating hideous experiments and such?
To be honest, at this point it's a little fuzzy. I've been reading the dev blogs on and off over the past two years, and the Villain stuff sounded really exciting in particular. I assumed it would have a lot more impact on Dwarf Mode, perhaps some scheming and plotting and evil dwarves recruiting people to their cause within the fortress? Alliances also sounded like something that could be extended to fortresses.
Basically I didn't expect Toady to say "We will get to the fortress plots beyond artifact heists when we return." - who knows if he'll actually get to that any time soon given the imminent Steam release and all the likely complications that'll entail.