Opening old projects is fine but this is true for if you create a new project in b3, only 3.0 is available even if you try to set the Base SDK to 2.2.1. However a work around is if you open the .pbxuser file inside the .xcodeproj bundle file (right click show pacakage contents) and replace 3.0 with 2.2.1 in the activeSDKPreference setting you can get it to work and the old simulator is still there.
If a netbook could play xvid without dropping frames I might buy one, but I tried it on a friends and it can't. Thats the only thing I miss on my iPhone, I just can't be bothered waiting 30 mins to encode an xvid to h264 all the time. If there is anything else I can't do I just VNC using the Jaadu app to my home iMac and that works great over 3G wherever I am.