I've never created a single exception hierarchy for whole application, because an exception in general can bring different semantic and, therefore, needs to handled differently.
Some exceptions inform about system faults, another exceptions inform about bugs, and some other - about some exceptional condition, that could be gracefully recovered on higher level.
For this "business-logic" exceptions exception hierarchy can help you not to violate open-closed principle during overriding some methods in descendants.
Consider following example:
public abstract class Base
{
/// Perform some business-logic operation
/// and throw BaseFooException in certain circumstances
public abstract void Foo();
}
public class Derived1 : Base
{
/// Perform some business-logic operation
/// and throw DerivedFooException in certain circumstances.
/// But caller could catch only BaseFooException
public abstract void Foo() {}
}
class BaseFooException : Exception {}
class DerivedFooException : BaseFooException {}
Exception hierarchy may be helpful in custom framework or in specific libraries, but in general case (in business applications) I don't think that creating one deep and wide exception hierarchy is a good idea.