OData protocol version we will describe in the Standard v1 should indeed be 4.0.
Reasoning:
a. This leaves room for substantial changes we might have to commit along the way,
b. eases the lengthy standardization process for the tc members (especially in the later phases) and it last not least
c. helps implementers (client and server) of the existing OData protocol 3.0 as published on odata.org in the case of changes in our "redressed core version".