wpars are downwards compatible to some extend - so you can run AIX 5.3 in your wpar while your underlying OS is 7.1
If you want to use lpar or wpar depends largely on your application criticality and the purpose of the system. If you need some wpar for a few days or hours to test a script, a package, some code than yeah - a wpar will do. You surely would not want to run a large production database on a wpar.
The latest news for WPAR is with AIX 7.1 it is possible to run an AIX 5.2 WPAR. However WPARs should not be looked as a permanent solution for a large server environment.
WPAR is IBM answer to Solaris Zones.
It is allowing you to have more lpras under installed aix 6.1 or 7.1 it is good for training or doing some tests. (hacmp does not work under wpars)
But at this moment it is to fresh technology I would never use it for production. A specially for some demanding SAP system