Collada 1.5 was released recently. It 'supposedly' adds LODs, but doesn't have switch in/out values. So i really don't know what use they are.
Well, one could simply add those values to the game's (extended/expert) configuration settings.
So my current plan is to continue with 1.4.1 and at some point add a second path (1.5) to the parser/loader. The majority of the changes don't affect 1.4.1, but overall the 1.5 changes are not backwards compatible. I feel as though it'll be at least 6 months - 1 year before we start seeing files with these changes.
It's certainly better to get the collada loader to work with all (used) features like animations. And then add support for 1.5. So, just go ahead

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Marvin