If I upgrade to an LTS version, will it be able to upgrade to the next non-LTS release or will I be stuck with an LTS version of Ubuntu?
I am currently using a non-LTS version of Ubuntu. When the next LTS comes out, should I upgrade, or should I skip it and wait until the next non-LTS version is released? I always prefer having the new features, so I don't want to stay with an LTS version and wait 2 years till the next LTS is released.
When 12.04 LTS comes out (in mid/end April), it is still 'just another' release in the release cycle. Meaning it brings new and fresh things with it.
Now it's up to you - and you alone - if you want to keep the LTS for the full support time, or as soon as 12.10 gets released, to upgrade to it.
In any case though, if you want to stay on 11.10 and hop on 12.10, you still would need to upgrade to 12.04 in order to be able to upgrade to the 12.10 release.
Upgrades from one release to the following one are mostly seamless. A LTS release means, that it is a very stable release and conceived for long time users (companies, etc), but you are not bound to it!
There is no need to skip an LTS release. Those who want long term support without having to upgrade often may want to skip non-LTS releases, but there is no reason to skip an LTS release! You can simply use it and ignore the fact that it's LTS. Yes, you will be able to upgrade from 12.04 to 12.10, but NOT directly from 11.10 to 12.10.
If you install a LTS release of Ubuntu that will not mean you will be stuck with it until the next LTS release. You will still be able to upgrade to the next version on the release cycle when ever you desire.
An LTS release if just another release except you are given more support interval.
From the Ubuntu wiki
You are free to upgrade from 12.04 to 12.10 as soon as its out, but be aware that if you do so it will no longer be covered by the LTS support and will be regarded as a standard release.
I would reccomend to wait a month or two, when the major bugs are fixed, and then go for LTS version. I only use LTS releases because more than innovations I need OS stability and robustness. And LTS releases (after some fixes at the very beginning) give me that. It is worth to use LTS releases IMHO.