Hi
14.04 is the LTS (Long Term Support) version, so I'd say that moving to 14.10 would not be desirable for a telecoms system as it has a shorter life. It's EOL is April, 2015 (6 months time).
See
https://wiki.ubuntu.com/Releases.
Provided that Ubuntu carries on as it has done in the past, the next LTS release will be 16.04 LTS, which will be released in April 2016, (as the numbering suggests). 14.04.1 LTS is EOL in April 2o19, (4.5 years time).
Again, if Ubuntu behaves the way it usually does, then it should be possible to upgrade from 14.04 to 16.04 without a format and re-installation.
So my advice, in the interests of stability and continuity, would be to stay with 14.04.1 LTS for at least the next 1.5 years rather than fighting with a new Ubuntu release every six months. (image of hamster on a wheel springs to mind)
Joe