This is easily one of the most annoying "features" of Visual Studio in its history and I don't understand why it exists -- ever.
Why would a CodePlex project need to care what version of Visual Studio I am using?
Off the top of my head, the only thing I can think of is that some versions of Visual Studio might introspect assemblies searching for attributes to determine what to display in "Visual Designers" and "Property Editors". But why would that cause Visual Studio to not be able to open the project and allow me to browse its contents and compile?
It seems to me like Open Source in .NET is somewhat limited by the stupid dependency management exhibited by Visual Studio. In other words, if I am using Visual Studio 2008 and you are using Visual Studio 2010, then we have different solution files.