The short answer is yes, probably. The warning sounds a little more severe than it is in practice, so we should probably loosen the language a little.
For the long answer, here's a documentation page I put together here at DNeg to explain VDB file format compatibility in a little more detail (as it has been asked here quite a few times):
OpenVDB aims to be as backwards-compatible as possible so that VDB files written with a later version of OpenVDB are still readable with an earlier one. To achieve this, every VDB file has a file format version number, note that this is different to the version of OpenVDB. Here are all the file format versions currently in use:
222 (OpenVDB 1.0) - First official release of OpenVDB (roughly)
223 (OpenVDB 3.0) - Blosc Compression and Point Index Grids
224 (OpenVDB 3.3/4.0) - Point Data Grids
What this means:
- A VDB file written out with OpenVDB 3.0 is readable with any version of OpenVDB unless blosc compression is enabled or the VDB file contains Point Index Grids (currently not writeable from Houdini).
- A VDB file written out with OpenVDB 4.0 is readable with version 3.0 unless the VDB file contains Point Data Grids (ie VDB Points).
Due to the order in which the file is read in, it is not possible to tell if a file contains any features that are not understood by the reader, so if the reader has a file format version that is different to the writer, it will output this harmless warning: