PowerShell's help (powershell -?) states:
-Version
Starts the specified version of Windows PowerShell.
However, when starting PowerShell 2 with powershell -Version 1 all things I tried that are only present in v2 and not v1 still work, such as the -split operator or the Get-Random cmdlet.
So what exactly changes when running PowerShell with the -Version parameter if language features and cmdlets that were introduced later still exist and work? This makes testing scripts for PowerShell v1 a bit harder since I don't always remember what has changed.