Things changed in late 2013 with Apple latest ‘App Resurrection’ feature.
For example, if your target was 4.0, then you raised it to 5.0, users still using version 4.x would still be able to install. A prompt like this will be shown:
This is good news for developer!
We no longer have to worry that we will ignore users with older iOS verions. Less guilt.
I have always been wary of increasing my minimum version to iOS 6.0, even though there are tons of new features.
Now, I can just go (latest version - 1), and develop the best for the 90%.
For the rest of 10% of users, they can at least still enjoy the ‘resurrected version’.
Nice one Apple.