LabVIEW compiles VIs before running them. It takes your source code (diagram and front panel) and creates the machine code that a computer can run. If you open a 7.1 VI in 7.1.1, it will recompile the VI for the new version. If you then save the VI, it will not need to recompiled until you make another change. Under the Tools>Advanced menu is the Mass Compile selection. You can run this and select VIs, LLBs, or folders to mass compile and convert your 7.1 VIs to 7.1.1. You then won't have to open each individual VI and resave them - the mass compile does it for you.