I have verified it on my end. There is a problem (bug) with DNN 5 module installer.
Reproduce it as follows:
Create a module installation package with the BusinessControllerClass implementing IUpgradable. Dont keep any SqlDataProvidr files in the package (I have NOT tested the problem with SqlDataProvider files as my module did not neeed it). Install the package on DNN 5.
DNN 5 reports the versions to the method as 66, 67, whereas they should have been 01.00.00, 01.10.00.
You can download a module I have hosted on codeplex at:
http://www.codeplex.com/DNNAdminModule/
Install this module on a DNN 4.9 & then on DNN 5.0. Check the Event Log. In 4.9, the versions reported would be 01.00.00 and 01.10.00
However, on DNN 5, versions are 66, 67. Due to this, the modules are NOT being upgraded properly, as you are checking for 01.00 type version in the UpgradeModule method to have your code fired.
This is a major bug. Should I report it on Gemini??