OK .. I think I see what I did here. According to Hans' comment there should already have been a copy of sn.exe lying around on my computer. In hindsight I believe that I missed it when I scanned for it before installing the SDK.
As a result I am guessing that the SDK loaded a newer version than what was supplied with VS2010. Thus I found:
C:\Program Files (x86)\Microsoft SDKs\Windows\v7.0A\Bin\ files report version 3.5.30729.1
C:\Program Files (x86)\Microsoft SDKs\Windows\v7.0A\Bin\NETFX 4.0 Tools\ report version 4.0.30319.1
Which looks like a .Net framework version number. So I'll believe the NETFX versions are the ones to use.
As to x64 vs not-x64 .. that still confuses me as they are both installed into the (x86) directory.
Also as per Hans, I don't really need to use sn.exe anyway