from a leverage perspective options are always better in a...

from a leverage perspective options are always better in a rising price and the opposite if the price tanks.

The thing with trading options is you actually do need to trade them to take advantage of the leverage that time gives you.

Take 2 scenarios using your 47c price at end Nov 2012

1. Option price will be 22c or 100% return on your 11c (if some one bought them). If they bought heads at anything under 23.5c then they would be better off

however the beauty lays in scenario 2

2. The head price goes to 47c by Nov 2011. The options purchased at 11c would be worth around 35c or in simple terms a 3 bagger.

the danger in trading options apart from the obvious potential of price falling is losing all that loverly time premium. Time decay escalates in the last 3 months so plenty of time to decide how many to sell and when.
What a lot of big guys and company execs do is sell the options when there is time premium say 6 months from expiry to get the cash to exercise before time decay eats some of the value of the options. This is definately a play I will be looking at.