By default, Visual Studio.NET sets the AssemblyVersion attribute of an assembly to "1.0.*". (This attribute is defined in the project’s AssemblyInfo file.)
The MSDN documentation implies that using an "*" as shown above will cause the <build number> and <revision> to be incremented each time the assembly is rebuilt.
It works exactly as I would expect for a C# project - rebuild the project, get a new version number. However, for a VB.NET project the version is only incremented the first time the project is rebuilt after being loaded into VS.NET. Any subsequent rebuilds will not result in the version number being incremented. To increment the version number again you must close the solution, reopen it, and then rebuild it.
It seems to me they should both operate the same way.