I can accept any version from 1.1 onwards for content previous to the 2003 changeover. This does not imply that after 2003 I am only able to accept relicensed content from wikipedia under 1.2 onwards because they did not consult with the copyright owners before making new changes "only" available under different terms. There is a big difference between being able to accept any of the versions, as 1.1 or later implies, and being only able to accept the one that wikipedia chose, 1.2, and any later ones, but not earlier ones. I guess the area of future implied contract agreement without specific terms might be unique to the places where wikipedia hosts its data. It is not usual under generally anti-retroactive law systems to imply that "or later" clauses are necessarily valid.
You're right, Wikipedia does not have the right to stop someone from reusing content under the original license, but it isn't doing that. Wikipedia is using the content under the latest license (which it is allowed to do because of the "or later" clause). Another user can still use it under the original license if they want. Wikipedia has no obligation to tell people what licenses the content is available under, just what license it is actually using the content under.
I think we're going round in circles now. I've made it as clear as I can, if you still don't understand I suggest you consult a lawyer.