Which Framework version will my app use?

From an internal mailing list (answers posted by Suzanne):

Q: App compiled on v1.0. When the app is run on a computer with v1.0 and v1.1 (and even v2.0 when released), what version of the framework will it automatically use?

A: v1.0.

Q: App compiled on v1.0. When the app is run on a computer with only v1.1 (or only v2.0) on it, will the app automatically use v1.1 (or v2.0)?

A: If only v1.1, then v1.1. I believe that we intend to do the same floating-up for v2.0 (so if only v2.0, then v2.0).

Q: App compiled on v1.1. When the app is run on a computer with only v1.0 on it, will the app automatically use v1.0? (assume that the app isn’t using any v1.1 specific code.)

A: App will fail with message saying that the required runtime isn't available.