The iTunes Connect Developer Guide PDF (page 47), refers to the following on the version number of an iOS app:
Use typical software versioning conventions (such as “1.0" or "1.0.1" or "1.1”)
There is no statement about the exact format of the app version number. Can we use version numbers such as "1.0.0.1" or "1.0.0.0.1"?
My recommendation is to stick to the 1.x.x format as your "marketing version number" for app store purposes and if you need any more than that just increment your build number. Both of these are available under the target summary inside of xcode. Check out the agvtool for a painless way of updating these two fields with your Xcode builds.
Yes, you may format it however you like, however usually one does not use more than two dots.
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