If you are planning to move to the proposed (doopdoop) iceWM improved look and feel, plus having the ability to compile from within Puppy, plus all the other goodies, I really think that the next version of puppy should reflect it.
Those two items alone (ability to compile + new look and feel) separate the next release from the previous versions.
One of the standard ways packages and apps versions are numbered is
<major>.<minor>.<fix>.<build>
<major> Major version usually not fully backwards compatible
<minor> Substantial new features but still backwards compatible.
<fix> Small number of new features, usually resolving anoyances and bugs.
<build> Just meaningfull during development to differentiate test versions.
What rules are you following to number puppy's versions?
I'm actually thorn between suggesting 2.0.0 or 1.1.0
I really think that 1.0.5 does not make justice to the actual relevance of the release. I know that you that look at puppy every day may not realize how much it has grown.