Please be VERY careful with using the registry key approach. These are machine-wide keys and forcibily migrate ALL applications to .NET 4.0.
Many products do not work if forcibily migrated and this is a testing aid and not a production quality mechanism. Visual Studio 2008 and 2010, MSBuild, turbotax, and a host of websites, SharePoint and so on should not be automigrated.
If you need to use PowerShell with 4.0, this should be done on a per-application basis with a configuration file, you should check with the PowerShell team on the precise recommendation. This is likely to break some existing PowerShell commands.