I want to modify one DB which was developed with EF 4.1 (Code First). I upgraded the project into EF 4.3 and follow this steps: http://blogs.msdn.com/b/adonet/archive/2012/0
Run "Add-Migration InitialMigration -IgnoreChanges" before doing any changes to the model.. Make the required changes, then run "update-database"
You need to create an empty migration and execute it prior to doing changes to your model. It will create the migration history table for you. After that you can use migrations for new changes. I wrote walkthrough article about this topic.