What happens if I compile and deploy
solutions written in vs 2005 using
2010?
First the solution has to be converted to VS 2010 format. This generally only updates solution files, project files, and the web.config file.
Must the web server have 3.5 and 4.0
installed?
No. You can still target framework 2.0.
Will my web.configs change?
Yes, and no. There will be some additions that's used in newer versions of IIS, but the previous settings should be unchanged.
Can I have vs2010 and vs2005 on the
same development client?
Yes, they run side by side without problem. You can even have both running at the same time.
Is there a compatibilty compile mode
back to 2005?
Once the solution is converted to VS 2010 format, it's not compatible with VS 2005 format any more.
how about vs 2008?
Same there. The conversion is one way.
You could still do the conversion back by hand, by simply creating a new 2005/2008 solution and drop the individual files into it.