I mainly want to know the repercussions of using .net3.5 assemblies on .net4.
In general, you need to set the runtime activation policy to force .NET 4. This means that your 3.5 assembly will be executed using the CLR 4 runtime, not the CLR 2 runtime.
For most scenarios, things "just work". However, there are definitely edge cases where there could be problems, as there were some subtle changes (as you've linked) in the 4.0 runtime.
In my experience, these issues are very rare, and things typically work flawlessly. I would recommend thorough testing of the 3.5 functionality if you're going to use it in a 4.0 application, however, just to verify that you're not hitting an edge case that is problematic.