For some reason, delta updates always seem to have more issues than combo updates. Remember when Snow Leopard 10.6.7 caused a massive slowdown in the graphics performance of the MacBook Air? Apparently installing the combo update fixed it.
In general, I prefer combo updates. I've been running 10.7 since last July when I purchased my 2011 MacBook Air and have had no issues with it. 10.7.3 works well.
I'd just go with the combo and install it now. No sense waiting until 10.7.4, because undoubtedly someone will find an issue that affects a small number of users, and it will get a lot of publicity, too.
I can do without the hassle as 10.7.2 isn't giving me any grief. MBP runs fast and no issues so far. I'll wait it out for a bit until we find out a bit more as there too many issues on here and over at apple forums. I am always first to update but not this time.