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PEAR has a very well-defined (and again, de facto standard) versioning scheme for packages. A package version has two components: the version number, and the package stability; you will often see this expressed as 0.2.0-dev or 1.5.1-stable.
The version number consists of three parts expressed in an X.Y.Z format: Major.Minor.Micro. These three parts are incremented as follows:
Major: when backwards-incompatible changes occur
Minor: when features are added
Micro: bug fix (only) releases
dev: totally broken
alpha: still quite broken
beta: might be broken
stable: shouldn’t be broken