A bit late in the discussion, but since you're using source control, you can remove the project and solution files from the repository and just share source code. Obviously, if you add new modules and such to a project, you'll have to manually add them in the other solution, but at least you wouldn't have to worry about this incompatibility. If you wanted to get down to it, the application can be built from the command line using just the compiler and linker switches, which tend to be far more compatible between revisions. Finally, you could use another build tool (besides MSBuild), that remains compatible across studio versions.
If you decide to remove the solution and project files, one thing to consider is saving a copy of the original YourApp.sln as YourApp.sln.2010. Then you'll have something to seed future solutions from, but updates to projects and solutions will all need done from VS 2010 and the file then copied to their .2010 version and maintained manually.
If SVN has support for patches, or if you're willing to run quilt externally (or if you switch to mercurial, you can use the MQ extensions), you can create the patch files to convert from 2010 to 2011 and remove the upgrade patche(s) before synch.