(Just), because you plan to build web applications, Ruby 1.8.7 seems to be the most suitable version for the following reasons:
- Rails ecosystem still has issue with Ruby 1.9
- Ruby Enterprise Edition is based on Ruby 1.8.7, and it is a Ruby interpreter that you are likely to use in production if you are not using jRuby
- jRuby is based on Ruby 1.8.7 if you plan to use it
However, you should always remember that Ruby 1.9 is the future. So avoid using obsolete Ruby 1.8.7 features, and you should definitely take a look at the Ruby 1.9 roadmap.
Avoid Ruby 1.8.6. The upcoming release of Rails (Rails 3) will not work with Ruby 1.8.6.
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