Short answer first:

SermonSpeaker 4.3 works with Joomla! 2.5 without any known issues.

Joomla! 2.5 is released!

Joomla! 2.5 is the new longtime release for Joomla. Joomla! 1.7 will have end of support in about a month while Joomla! 1.5 (the previous longterm release) will have reached its end around summer this year. This means it's very recommended to upgrade your Joomla! installation during the next few months. If your site is running already on J!1.6 or J!1.7 then this can be done easy in the extension manager by clicking the update tab and selecting the new Joomla! release. If you still use Joomla! 1.5 it means you will face some bigger task as there is no direct upgrade path. There are multiple guides out there in the web that explain how it works.

What does that mean for SermonSpeaker?

If you are already using SermonSpeaker 4.3, you can upgrade to Joomla! 2.5 without any problems. SermonSpeaker 4.3 is tested with Joomla! 2.5 and I don't know of any issues yet. Older releases of SermonSpeaker 4.x should work as well, but are not tested.

If you are using SermonSpeaker 3.x it's required to upgrade to SermonSpeaker 3.4.2 or 3.4.3 (the latest for Joomla! 1.5) first and then follow this (tested) migration steps:

  1. Install SermonSpeaker 4.0 in Joomla! 2.5.

  2. Drop the SermonSpeaker tables (usually jos_sermon_sermons, jos_sermon_speakers, jos_sermon_series) in your Joomla! 2.5 database.

  3. Copy the SermonSpeaker tables from your Joomla! 1.5 database into your Joomla! 2.5 database. Change the prefixes as needed.

  4. Install SermonSpeaker 4.0 in Joomla! 2.5 again. This time it will check the existing tables and apply the needed changes.

  5. Upgrade SermonSpeaker 4.0 to 4.3 with the Joomla! 2.5 Extension Manager.

Note that the migration is only tested from SermonSpeaker 3.4.3 to 4.0. SermonSpeaker 4.3 doesn't work due to a small bug. Also it will only work with databases from SermonSpeaker 3.4.3 and 3.4.2. Older versions will not work.
There is a forum thread with some additional informations about the migration.