Again:
Version numbers don't matter much for OpenGL, the least of all on Windows systems, because OpenGL has an extension mechanism to expose new functionality.
Direct3D needs to be revved for new features because Microsoft wants to define a maximum feature set for each version, and does in fact not give WHQL for drivers that circumvent this control out of the box (geometry instancing on ATI cards is the example here). OpenGL OTOH does not need to be revved to expose any and all new features the next generation cards will bring to developers and users. In fact OpenGL will be better at exposing new features of the next generation cards, because there is no such artificial tie to an OS as with DirectX 10, and you can use all the features on Windows XP (or even 98, if ATI/NVIDIA bother to release an updated driver). Also there's no need for the IHVs to throw away and rewrite their drivers to match a new internal interface to the system.
All is good for OpenGL on the technical side. Politics is the name of the single problem OpenGL may be facing (again).
The ARB did not compete agressively with Direct3D through revisions in the past because there has not been, and there still isn't, any technical necessity to do so. It's obviously great for marketing, because not-so-techies perceive things in peculiar ways, and version numbers have proven to be a very powerful instrument even when being utterly hollow.
Khronos appears to be more dedicated on making things interesting for the old marketing department, which is nice I guess.