I updated my project to V3 following the rather long winded steps outlined at http://www.llblgen.com/documentation/3.0/Designer/hh_start.htm (any chance of an import function in V3?)
I opened my new project and generated it to the location of my previous code to maintain the custom generated code. When I opened the existing solution in Visual Studio, it is reporting errors as the project still references C:\Program Files\Solutions Design\LLBLGen Pro v2.6\RuntimeLibraries\DotNet20\SD.LLBLGen.Pro.DQE.SqlServer.NET20.dll and SD.LLBLGen.Pro.ORMSupportClasses.NET20
I've updated the references manually - just thought it would be something you should be aware of.