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This turned out to be two things:
1) If the increment or set version option is selected in the Make VS.NET action at least one of file, product, or assembly version checkboxes must be checked in order for any versions to be set or incremented. This will be validated in future versions.
2) The Make VS.NET action was not handling $(OutputDir) in the target executable filename in all cases for VC++.NET projects. This will be fixed in the next release (around the end of the month).
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