V8 branches are tied to Chrome/Chromium releases (3.28 -> Chrome 38,
3.29 -> Chrome 39, 3.30 -> Chrome 40, 4.1 -> Chrome 41, 4.2 ->
Chrome 42, etc.) and gets support and fixes for the lifetime of the
Chrome release, which I believe is six weeks. After that, the branch
is more or less abandoned; it may see the occasional bug fix but that
quickly tapers off.
If you want advice on what version of V8 to use: pick the one that
ships with the current Chrome stable and be prepared to upgrade
frequently. The V8 API can change between releases and may require
updates to your code.
Caveat emptor: the last few upgrades have been pretty smooth for us
(io.js) but there was a lot of churn in the ~1.5 years before that.
YMMV.
Hope that helps!