Should I upgrade to an LTS release if I want to keep receiving non-LTS releases?

When 12.04 LTS comes out (in mid/end April), it is still 'just another' release in the release cycle. Meaning it brings new and fresh things with it.

Now it's up to you - and you alone - if you want to keep the LTS for the full support time, or as soon as 12.10 gets released, to upgrade to it.

In any case though, if you want to stay on 11.10 and hop on 12.10, you still would need to upgrade to 12.04 in order to be able to upgrade to the 12.10 release.

Upgrades from one release to the following one are mostly seamless. A LTS release means, that it is a very stable release and conceived for long time users (companies, etc), but you are not bound to it!

There is no need to skip an LTS release. Those who want long term support without having to upgrade often may want to skip non-LTS releases, but there is no reason to skip an LTS release! You can simply use it and ignore the fact that it's LTS. Yes, you will be able to upgrade from 12.04 to 12.10, but NOT directly from 11.10 to 12.10.

If you install a LTS release of Ubuntu that will not mean you will be stuck with it until the next LTS release. You will still be able to upgrade to the next version on the release cycle when ever you desire.

An LTS release if just another release except you are given more support interval.

From the Ubuntu wiki

A normal Ubuntu release is supported for 18 months. Previous Ubuntu LTS releases are supported for 3 years on the desktop and 5 years on the server. Starting with Ubuntu 12.04 LTS, LTS releases will be supported for 5 years on both the desktop and the server.

You are free to upgrade from 12.04 to 12.10 as soon as its out, but be aware that if you do so it will no longer be covered by the LTS support and will be regarded as a standard release.