A major new feature of the .NET Framework 4 is that it can be loaded "in-process" with the .NET Framework 3.5, .NET Framework 3.0, and .NET Framework 2.0 (all of
which use the v2 CLR).
Therefore, to answer your question: Office can now load add-ins that target .NET Framework 4 and add-ins that target .NET Framework 3.5 simultaneously.
For more information about in-process side-by-side execution, see
http://msdn.microsoft.com/en-us/magazine/ee819091.aspx
http://msdn.microsoft.com/en-us/library/ee518876.aspx
Related threads:
http://social.msdn.microsoft.com/Forums/en/vsto/thread/2ab98d2a-7bb8-478f-8036-742aa73c0405
For more FAQ about Visual Studio Tools for Office, please see
Visual Studio Tools for Office FAQ