The most difficult to read solution, but a one-liner nevertheless! and using iterators to be fast.
next((c for c in imap(lambda x,y:cmp(int(x or 0),int(y or 0)),
v1.split('.'),v2.split('.')) if c), 0)
that is for Python2.6 and 3.+ btw, Python 2.5 and older need to catch the StopIteration.