When developing in Visual Studio 2008 or 2010, you can choose which version of .Net to use. This is called multi-targeting , as described here and here :
Visual Studio's multi-targeting feature lets you specify the specific version or profile of the .NET Framework that is required for your application. A key benefit of multi-targeting is that you can use the current version of Visual Studio to create and develop projects that target an earlier version of the .NET Framework. For example, you can continue to develop projects created in Visual Studio 2005 and Visual Studio 2008 without adding new .NET Framework dependencies. Multi-targeting helps ensure that applications use only the features that are available in the specified version of the .NET Framework. In addition, multi-targeting allows you to continue deploying old applications without requiring you to add a new version of the .NET Framework to the deployment package.
An application compiled on .Net 3.5 in Visual Studio 2008 will use a different version of the runtime from the same application compiled on .Net 3.5 in Visual Studio 2010.
This means that when you maintain or improve applications written in older versions of .NET or Visual Studio, you can still do this development in the new version of Visual Studio, using the new features.
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