The documentation suggests that for the ProductVersion Light is expecting something in the format x.x.x.x.
If you want to get your MSI named with the version, I've always used a post-build command to rename the file, thus...
<Target Name="AfterBuild">
<Copy SourceFiles=".\bin\$(Configuration)\$(OutputName).msi" DestinationFiles=".\bin\$(Configuration)\$(OutputName)_v%(myVersionNumer).msi" />
<Delete Files=".\bin\$(Configuration)\$(OutputName).msi" />
</Target>