I think this should work but I want to get the nod from those that
know more than me..which is pretty much anyone reading this group I'm
guessing.

I have some assemblies written in vs2003 and framework 1.1
We are moving towards vs2005/2008 so newer versions of the framework.
As we write new code should we  still be able to reference our old
vs2003 assemblies without issue? I realize thats a broad
generalization, but in theory is this the case?
i.e. framework 3.5 assemby references a 2.0 which references a 3.5
which references a 1.1 etc etc.