1.0.3 (OmniFocus for the iPhone) is not yet available, but is imminent; so for the moment you are up-to-date on the phone but an important update is coming soon. The biggest changes in it that I can think of at the moment are a hugely significant improvement to syncing performance, and a fix that keeps certain data changes on one client from superseding changes on another client.
1.1 sneaky peeks (OmniFocus for the Mac) are released frequently, often multiple times a day (mostly during the week, but sometimes on the weekends) with changes that range from very small to very large as they reflect a lot of live development. Thus the "latest version" changes frequently, and OmniFocus only looks for newer versions periodically (normally as configured in OmniFocus update preferences, but it's possible that we have the sneaky peeks set to check more frequently); the best way to check if you are up-to-date is to look at the sneaky peek download page here:
http://www.omnigroup.com/application...ad/sneakypeek/