That's correct.  It's because the CLR version hasn't changed, even though  
the marketing version for .NET has.  .NET 3.0 and 3.5 are still using CLR  
2.0, they just have new classes and other features (like a new C# version).

I do think it's a little confusing, but to some extent the question of the  
overall .NET version isn't so important since if your application depends  
on a specific version it won't get far enough when loading for execution  
to get a chance to check the CLR version, and at least for .NET 3.0 and  
3.5 there aren't any additions that should affect your own code the way  
that a change in the CLR version could.

Pete