User runs our "full installer" (icons, folders, binaries, etc.. eg: "install everything") to install. This results in the following value in add/remove programs (first image):

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User later runs our "update installer" (updates binaries only). In the PRODUCTVER compiler variable, the current build # is provided in the update installer.

When they do this, version info in add/remove programs is not updated. All the guids are the same, so in that context, it appears the version # should be updated in add/remove programs.

I suspect the cause is that the update installer (left side of image below) does not have add/remove program support enabled (next image), while the full installer (right side of image below) does have it enabled:

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I cant test this (someone else can but they are traveling) - but even if I could, I want to confirm that enabling add/remove program support is the key to making this value change.