Same work as 3.20: Yes
The reference point is 3.0. Kernel development is now 'inline' (as opposed to the old even=release, odd=development system). That means the minor number just gets bigger and bigger, and the kernel gets further and further away from what 3.0 was.
This means at somepoint one should bump the major version number; the question is when? Linus has the answer for this: Basically when the minor number gets asthetically displeasing to him, he'll bump the major number and start the minor number again at 0.
One might ask what will Linus do when the major number gets too big (e.g. >20) ?
Others might ask, why don't they just use a year/calendar based version number? Like Ubuntu does.