I'm having the same problem, a friend just updated his server to 1.2.4, and Vanilla via the Technic Launcher only seems to have either 1.2.3 or 1.1 available, so I'm locked out of the server because of the version mismatch.
Is the Technic Launcher's Vanilla manually updated, or should it be matching at all times? Also, is it fine to run Minecraft the old standard way (minecraft.exe from minecraft.net) to get at 1.2.4 in the meantime, or does that make a mess of things? I remember having to do a version rollback of my vanilla install for some reason and I'm not sure if it was for the Technic Launcher or not because I'm really really dumb