What Multi-Targeting support allows for?

As in the previous version of Visual Studio, the current VS2010 also supports the Multi-Targeting feature. This feature seems to be more advance and challenging to the previous one, just because the new .NET 4.0 framework is based on the new CLR.
In this post I won't describe how this option works just because it's so easy to use however, I will focus on listing all  the features it supports.

• automatic properties,
• objects and collections initializers,
• annonymous types,
• implicit types inference (var),
• lambda expression,
• partial methods,