There are two ways to identify the version of the software running on miShare. The first way is to watch the blinking lights when miShare starts up. If the left and right arrows blink green a couple of times before going red, then it's running version 1.2.2. If the arrow lights go directly to red, then it's running version 1.1.1.
Here's a video of miShare 1.2.2 starting up, as described above:
The other way to find out is to actually use miShare and then check for a file called miShareSummary
Wondering where those files are? How to view them? Here's some help from Apple - Storing and reading notes with your iPod
You can easily update your miShare's software by following these instructions