Nevertheless I have read some worries that some bug fixes (may) break backward compatibility and therefore projects targeting version 4.0 developed on machines with version 4.5 installed may behave differently when run on machines with only version 4.0 installed. If this is a real problem, that is if there are observable changes and therefore version 4.5 is not fully backward compatible to version 4.0, I can not tell.
UPDATE: There is a published list of breaking changes [1].
[1] http://msdn.microsoft.com/en-us/library/hh367887.aspx
Note: The deleted comment was something like »This is not true«.
We have deviated quite a bit from the original comment - you can install different Visual Studio (and .NET framework) versions side by side if you have to support legacy projects. There are some case where this will not work - obvious examples are .NET 1.0 not being supported since Vista, .NET 1.1 since Windows 8 - but there are still a lot of cases where this works just fine. If an side by side installation is not possible, you can still just setup up a second machine or a virtual machine for you legacy development needs. Not being able to upgrade Visual Studio because you have to support legacy projects is mostly a non-issue.