Correct
The default behaviour will be for your CF1.1 app to run using the v1.0
framework. There are only a few breaking changes between versions so you
might find that the app will work quite well on the v2.0 framework. Using
the new configuration files introduced with v2.0 you can configure which
version your app will use. Alternatively you could recompile your app onto
the v2.0 framework ;-)
Nick