You can use the project in both Visual Studio 2010 and SharpDevelop 4.0 without any problems. SharpDevelop does not convert the project to another format. SharpDevelop supports msbuild projects that run in Visual Studio since version 2.0, released about four years ago.
The main issue to keep in mind is that SharpDevelop 4.0 is still an early beta, so there will be bugs and missing features.
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