I'd like to change that value to differentiate between different versions of an assembly, one that targets 2.0, 3.0 and 3.5. The problem is, regardless of which framework you target, the runtime version is always shown as 2.0.50727. So you end up with 3 assemblies, all the same name, all showing the same version, listed in the Add References dialog (the only difference being their path, which is less than obvious).
It's largely a cosmetic issue, primarily to avoid support related questions ("I'm targetting version 3.5 of the framework, but it shows version 2.0 as the runtime version for the assembly...") My understanding is that value is purely informational; if the compiler wanted to set "My dog's name is Fred" as the ImageRuntimeVersion value, it could and it shouldn't affect the actual operation of the assembly.