You'll definitely need to update your web.config. The Assemblies need to reflect the newer framework, for example:
<compilation defaultLanguage="vb" debug="true">
<assemblies>
<add assembly="System.Core, Version=3.5.0.0, Culture=neutral, PublicKeyToken=B77A5C561934E089"/>
<add assembly="System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35"/>
Also the compiler
<compilers>
<compiler language="vb;vbs;visualbasic;vbscript" extension=".vb" type="Microsoft.VisualBasic.VBCodeProvider, System, Version=2.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089" warningLevel="4">
<providerOption name="CompilerVersion" value="v3.5"/>
Its all going to be in the web.config, the actual code behind and html will not need to change.
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