Actually, they've been very consistent since OS X started.
X.0: Major rewrite of the app
x.Y: New features
x.y.Z: Bug fixes, minor tweaks to existing features
It's the common and accepted numbering scheme used in the industry. Well, by everyone but MS.
Until iTunes undergoes a massive revamp under the hood, it won't get the 5.0 moniker. CoreAudio being used instead of QuickTime, for instance, would qualify.
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