However, if support for Windows XP targeting is important to you, then you can use Visual Studio 11 Beta's multi-targeting capability described above in order to employ the Visual Studio 2010 compiler and libraries to build applications and libraries than execute on Windows XP. This enables you to enjoy the new features of the Visual Studio 11 Beta environment without sacrificing backward compatibly in your applications!

Sounds like VS2011 will have XP support after all