If you open a database using a different version of Access or simply switch to a different version of Access you are opening yourself to issues because the Windows Registry is modified by the different versions of Access. The other considerable downside is that switching to Access 2007 takes 2 minutes or more.
For example,
1) You used Access 2003 and then need to open an ACCDB database using Access 2007.
In this case you have no option but you need to check if Access 2003 is running. If it is, you probably should shutdown the Access 2003 version.
2) You opened an MDB file using Access 2003 and then decide that you need to open the same database using Access 2007.
In this case, you should close the Access 2003 session before opening the Access 2007 session. One thing to review occasionally in this scenario is the Access VBA references because early binding references to Office Apps like Excel will not switch back when you open the database in Access 2003.
3) Access 2003 is running and now you need to use Access 2007 on a different database.
In this case, you should close the Access 2003 session before opening the Access 2007 session.
3) You are using Access 2000 and need to use Access 2003.
This rarely introduced problems except for occasional issues with early binding Office VBA references such as Excel or Word. You dont need to worry about closing other Access sessions.
What The Workbench Does To Make Switching Work For You
The Workbench allows you to be fully aware of the fact that you are switching Access versions so that you can move between the Access versions with few issues. Without the Workbench, this can be quite tricky. These pictures show you how it works.

Figure 1 - Opening a database with a specific version of Access

Figure 2 - The Workbench Access switching Confirmation page. Look at your toolbar before confirming the change.

Figure 3 - Access Version Switching Dialog and the Workbench Release Link
After the Access version switching process starts, the Workbench locks the Who's button for a few minutes. Once you see that the new version of Access has started, you can "Release" the Who's button by clicking the < Release text.
Turn Off The Confirmation Form
If you want to turn off the switching Access versions confirmation form (and turn it back on again), choose the Options form and select/clear the check box as shown in Figure 4
Note: Jan, 2010. If you are switching between Access 97 and other versions, you need to uncheck this box or the Workbench will produce an error message.

Figure 4 - Where you set/clear the confirmation dialog form for switching versions.