I need to create some core libraries within my application which will be available in both .NET 3.5 and .NET 4.0. I\'m happy creating multiple projects, creating the require
What I do with my cross platform projects is to have different slns, each for one platform.
The shared code lives in a common location and is added "as a link" into the correct csproj's. This csproj also contain any platform specific files. If a "common code" file needs to be conditional based on current platform you can choose to replace that with two platform-specific files or put a #ifdef in it (depends on how much of it is different).
Note that you can also add one solution to another inside Visual Studio. This "combined" solution can be used for automated builds for all platforms.
Example: https://github.com/ananthonline/graffiti
This works great for me, YMMV. Hope this helps.