Hello,   That's correct.  1.1.2 only has one fix from 1.1.1, a setup file in 1.1.1 only listed ESXi v5.0 as supported.  So when you tried to install MEM 1.1.1 with Update Manager it would fail.   The file was changed to include ESXi v5.1.  There were not other changes.   Regards, 
I've upgraded my hosts to MEM 1.1.2. If I verify the installation with "setup.pl --server=x.x.x.x --query" the scrip reports version 1.1.1-262227. The release notes mention this: "Versions of Individual VIBsThe Dell EqualLogic MEM is distributed as an offline bundle that contains multiple VIBs. The version numbers of the individual VIBs will not necessarily match the version of the offline bundle. For the version 1.1.2 release, the individual VIBs will report version 1.1.1 for the PSP and CIM provider, and 1.1.0 for the Host Profile Provider." But no specific version number is mentioned.
MEM 1.1.2 internal version number / verification