Problem solved, thanks to user's comments and some, well, problem solving...
When I downloaded XCode 4.6, I use SmartSVN/VisualSVN to manage versioning. When I updated SmartSVN to the latest version, I got an dialog saying XCode doesn't support the SVN version (which is the latest version), so I thought to commit after I changed the bundle versions in the .plist. Blammo...bundle validated and submitted!
Here is what I learned that really did the trick. XCode 4.6 must have new versioning requirements, as the bundle version was still set to 1.0 when I tried the first time. I've submitted a version 1.0, 1.1, 1.12, and 1.13...so XCode must have only been checking the versions in the TARGETS > Summary tab. Those were always set to the appropriated version.
The kicker is that I didn't know XCode sees 1.2 < 1.13. As soon as I changed the values in the .plist AND the values in the TARGETS > Summary tab to "1.20," the bundle successfully validated, as 1.20 > 1.2 and 1.20 > 1.13...thanks for shining the light guys.
NOTE: If you are using a version controller, make sure you commit before building if you get that XCode alert about not supporting the SVN version.