Eek!!! That's horrible and against the conventions of other Google APIs
http://code.google.com/apis/loader/ whereby stable releases are denoted by version numbers (MAJOR.MINOR.BUGFIX) and wildcards specify development releases (e.g. MAJOR.x). The exception seems to be that "1" is often used to mean "the absolute latest".
What guarantees can you provide that a future 'stable' version (i.e. "1.0") of the API will not break my application deliverable?
In order to mitigate the risk of unforeseen compatibility issues, there needs to be release "versions" and a policy of forwards compatibility within those versions. Breaks in forwards compatibility should imply a new version number. If this were the case, then "1.0" would mean "the latest stable release of version 1" and "1.1" (or "1.x" in keeping with conventions) would mean "the latest experimental release of version 1)" and breaks in compatibility would imply releasing "2.0"/"2.x", "3.0"/"3.x" etc. You could of course, optionally, release specific versions such as "1.0.1" for use by the exceptionally paranoid.