I installed V 1.2.2 on my mac system using SU Pro 8, and I have the same limited material editor that is pictured above. It's less capable than the V1.1 material editor. I'm not sure if the version of 1.2 I have is a beta or not if it is a beta, I'll continue using V1.1 in SU7 and wait patiently for the new V1.2 to be released. Or, if there is any more information I can provide, please let me know!
Perhaps it's been answered elsewhere, but are there added features or functionality improvements planned for V1.2 or is it simply a compatibility update for SU8 users?