Mono seems to support .NET 3.5 only, but does that mean I cannot run programs made with .NET 4 on it?
Mono will support .NET 4.0 in Mono 2.8 whose release date is not known yet as the Roadmap explains it.
If you require advanced .Net 4.0 features I don't believe you can do this currently, the release roadmap still has ASP.Net 4.0 support in 2.8 and full .Net 4.0 support in Mono 3.0, both are still TBD.
That being said, Mono doesn't do support all at once, they typically build up to support every feature, trying to get the most commonly used APIs in first, so it may happen over several releases (the fact that 2.8 is partial support and 3.0 is full is an example of this). It depends on which chunks of the API you need as to whether it'll run on Mono, and when it'll have enough support.
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