Oracle Fianacials And Oracle Projects Upgrade

[anneeny]

Hi there... My company has implemented Oracle Financials and Project applications in 1999 as a part of Y2K project. Oracle 11.0.3 Applications are implemented in 3-tier configuration as per the details given below:-

Database Tier:

The database tier consists of Intel Server running Windows 2000. This server is dedicated to host ORACLE FINANCIALS DATABASES (8i Enterprise Edition with 8.1.7.4.6 patch set) both for the production and test environments.

Details of Database (Dell 2950) Database Server:

2U Rack-mountable chassis with
2 x (Quad-Core) 2.66GHz/1333MHz FSB 2x4MB cache
8 GB ECC Fully Buffered DIMM memories
6X 3.5-inch SAS (15k rpm): 146GB hot-plug hard drives
PERC 5/i: SAS 3.0 Gb/s RAID controller with 256MB cache
Dual embedded Broadcom 10/100/1000 Gigabit NIC
PCI Ultra 320 SCSI Controller.
External PowerVault 100T LTO -2 (200 /400 GB) Tape Drive
Integrated ATI RN50 controller with 16MB of SDRAM
Internal DVD Rom Drive
External USB Floppy Drive
Hot-plug redundant Power Supply (750 W).
Windows 2000 Server (Standard Edition) with SP 4
Oracle Database 8i (8.1.7.4.6) Enterprise Edition
Symantec Backup ExecTM 11.d


Application Tier:

The application tier consists of IBM Intel Xeon Server running WINDOWS 2000 Server with service pack 4. This server provides Form Server and Concurrent Server functionalities for the following Oracle Applications (R 11 with 11.0.3 patch set).

Details of Oracle Financials & Projects modules

1. General Ledger (GL)
2. Oracle Receivables (AR)
3. Oracle Payable (AP)
4. Oracle Assets (FA)
5. Oracle Cash Management (CE)
6. Oracle Projects with Accounting and Billing (PA)
7. Oracle Time Management (OTM)

Details of Oracle Application Server / Tools

Oracle Web Server 4.0.8.2.1
Developer/2000 1.6.1 with D2K Patch Set.

Application Server (IBM Xeon Server) Configuration Details

Intel Pentium D / 1 GHz CPU with 2 MB Cache
1 GB Main Memory
1 x 160 GB SATA HDD
1 x 200 GB IDE HDD
DVD / CD RW Combo Drive
Broadcom NetLink (TM) Gigabit Ethernet
IBM PS/2 Keyboard
PS/2 Compatible Mouse
IBM 17” LCD Monitor
Windows 2000 Server (Standard Edition) with SP4
Developer 2000 with Y2K patch
Oracle Web Application Server 4.0.8.2.1
Oracle Applications 11.0.3
17 “ Hi-Res. Color Monitor

My question is: is it better to upgrade the existing Oracle 11.0.3 Applications (Oracle Financials, Oracle Projects and Oracle Time Management) to the latest version of Oracle Release 12 applications (E- Business Suite) or Fresh R12 implementation ?