This seems like a great idea, its nice to have a go to standard and if it hooks into source control well there's no need to rely on someone to do it manually.

This is also a lot cleaner than Microsoft's versioning pack/hotfix

but you can understand why they needed to include the complexity of having service pack in there. If you have build number do you really need a major and minor. Might as well of been build.service pack.hotfix.