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Basically the question is, if you've tried it, did it cause any major problems?
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I have it installed (but I use the Visual Web Dev Express Edition, which is almost the same thing) and the answer is
no. It will not cause any problems at all.
When you open an existing website (developed in 2.0) you'll be asked if you want to transform it to the 3.5 version or not.
This is how it looks like: