For dynamic libraries, there should be no problem, as they follow well-defined ABIs. You can link to dll's from any compiler, any time.
Static libraries are trickier. As far as I know, Microsoft has never guaranteed cross-compiler compatibility for those. In particular, features such as link-time code generation have been known to break compatibility between earlier releases. .lib files do not have a single well-defined format like DLLs do.
It might work, because Microsoft rarely breaks compatibility unless they have to, but as far as I know, it is not guaranteed.
Of course, if the actual functions and types exposed by the DLLs don't match up, you'll run into problems.
In VC11, the sizes of almost all standard library data structures have been changed (Microsoft finally employs the empty base class optimization, effectively reducing the size of all containers which use the default allocator.), so trying to pass a std::string
from a DLL compiled with VC10 into a module compiled by VC11 will certainly break.