The only mentioning of backwards compatibility I could find was [this reddit post][1] which only went into details about the automated update process to allow for the fact that references are now required. In my university they haven't upgraded to unity 5 and whilst I'd prefer to have unity 5 at home for my personal projects, I'm not entirely sure it will work for assignments and so on.
I tried it earlier and the scenes seemed to mess up (everything disappeared)! between 4 & 5, but it could've been my source control.
Anyone else have any information on this?
[1]: http://www.reddit.com/r/Unity3D/comments/2xt4zf/since_a_lot_of_us_will_be_upgrading_our_games_to/
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