I ghost my system before any change so I can easily restore back to a know good config. That's no issue. Now, I am running v2.54 and I am planning an update to v2.56. If I were to work on a project in 2.56 and save the results but ultimately need to roll back to 2.54, will that project still open and be functional in v2.54? Other DAWS tend to not be good at this. Cubase for example really gives you no options. Your basically fubar'd.
Projects should always be forwards and backwards compatible in that they will at least load in any Reaper version. If you have a project saved in a new version that contains some new feature, and load it in an old version that doesn't have that feature, you should get some warning like "there were 2 things in the project file that weren't understood." But it should load and play.
I had an issue going from one version to next. Ok both was alpha-releases but reaper didn't like a few things. If interested, you can read more in this thread. I still think it would be nice of Reaper to tell what's wrong instead of just saying something is wrong. :-) /Jens