Mod Loader won't with with incorrect version of Minecraft, and neither will other mods.
Every major update breaks mods (minor updates sometimes do this, too), so the only things you can now do is to either wait, or whine. I recommend the first option, though - it's much more pleasant for both you and modders.
I'm not really whining or complaining, just wondering. I'm willing to wait as long as it takes because honestly, the game is more fun without mods.
@raidonrai: no, you're the idiot it would seem. first off, imagine if notch had left the game at classic, would be no fun right. Mods take just a little time to update so just wait. Some people however find it fun to actually have a challenge, and with mods there is no challenge in the game. If you think the game is **** without mods then you obviously suck at playing it.
Some mods are just for fun, and don't really make the game easier. Some people prefer playing with mods that do make the game easier, just for creative purposes. I have legit saves, and saves in which I used tons of mods. It's really all about what you like. There's no right or wrong.