I prefer 1-2-1-2, but I'm willing to give 4E a try as written first.
In our 4E playtest, the 1-1-1 diagonals certainly sped things up, but my players thought that it would lead to too many diagonal exploits, so I don't think they'd have a problem house ruling back to 1-2-1-2.
I may just flip my battlemat more often to use the hexes. I generally prefer hexes for outdoor encounters, though sometimes I'm too lazy to flip it.
Edit: You know, what might work well would be a battlemap with just dots from the center of the hexes (like some older wargames boards) without the hexes themselves. No hex lines, so it's less confusing to draw stright walls, and character movement keys off the dots rather than the hex spaces. No need for rulers, either.