As far as I know, most of the version work comes from Java-land, particularly OSGi, along with "semantic versioning".
For example, the difference between a minor version increment and a micro version increment is whether client code implements an interface provided by the module or uses an implementation coming from the module. (If you use an interface that has had methods added, you won't know about those methods; but if you implement the interface, you have to provide implementations for those methods.)
So, for example, if you are using "modules" A and B, where A uses a module C and B uses C' (which has a bumped micro number), you won't have a problem simultaneously using an instance c from C (returned by A) and an instance c' from C' (returned by B).
On the other hand, if you create an instance c (as from C) and pass it to C' through B, things don't work out. (Execution blows up. Did I mention that the rest of Java's modularization story sucks?)
Type soundness is one of the main attraction points to using a language like Standard ML, so, for an MLer, if versioning support requires sacrificing type soundness, then it's a no-go.
For example, the difference between a minor version increment and a micro version increment is whether client code implements an interface provided by the module or uses an implementation coming from the module. (If you use an interface that has had methods added, you won't know about those methods; but if you implement the interface, you have to provide implementations for those methods.)
So, for example, if you are using "modules" A and B, where A uses a module C and B uses C' (which has a bumped micro number), you won't have a problem simultaneously using an instance c from C (returned by A) and an instance c' from C' (returned by B).
On the other hand, if you create an instance c (as from C) and pass it to C' through B, things don't work out. (Execution blows up. Did I mention that the rest of Java's modularization story sucks?)