LabVIEW DOES have a save for previous feature for multiple versions. The only catch is that only works from 8.0 and onwards. I don't know if LV 11 will still be able to save to 8.0, but currently it works.
Incidentally, it might be nice if NI included a copy of an older version of LV so that we could up-convert older files (e.g. if the next version included LV 6 so that we could open and save LV <5 files. The testing for this would probably need to be minimal. Maybe NI could even include a virtual machine image (e.g. Linux on the free xVM) with it already installed.
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