Apart from the apparent difference of

• having to declare the value at the time of a definition for a const VS readonly values can be computed dynamically but need to be assigned before the constructor exits.. after that it is frozen.
• const's are implicitly static. You use a ClassName.ConstantName notation to access them.

There is a subtle difference. Consider a class defined in AssemblyA.

public class Const_V_Readonly
{
  public const int I_CONST_VALUE = 2;
  public readonly int I_RO_VALUE;
  public Const_V_Readonly()
  {
     I_RO_VALUE = 3;
  }
}

AssemblyB references AssemblyA and uses these values in code. When this is compiled:

• in the case of the const value, it is like a find-replace. The value 2 is 'baked into' the AssemblyB's IL. This means that if tomorrow I update I_CONST_VALUE to 20, AssemblyB would still have 2 till I recompile it.
• in the case of the readonly value, it is like a ref to a memory location. The value is not baked into AssemblyB's IL. This means that if the memory location is updated, AssemblyB gets the new value without recompilation. So if I_RO_VALUE is updated to 30, you only need to build AssemblyA and all clients do not need to be recompiled.

So if you are confident that the value of the constant won't change, use a const.

public const int CM_IN_A_METER = 100;

But if you have a constant that may change (e.g. w.r.t. precision).. or when in doubt, use a readonly.

public readonly float PI = 3.14;

Update: Aku needs to get a mention because he pointed this out first. Also I need to plug where I learned this: Effective C# - Bill Wagner

C# language version history:

These are the versions of C# known about at the time of this writing:

• C# 1.0 released with .NET 1.0 and VS2002 (January 2002)
• C# 1.2 (bizarrely enough); released with .NET 1.1 and VS2003 (April 2003). First version to call Dispose on IEnumerators which implemented IDisposable. A few other small features.
• C# 2.0 released with .NET 2.0 and VS2005 (November 2005). Major new features: generics, anonymous methods, nullable types, and iterator blocks
• C# 3.0 released with .NET 3.5 and VS2008 (November 2007). Major new features: lambda expressions, extension methods, expression trees, anonymous types, implicit typing (var), and query expressions
• C# 4.0 released with .NET 4 and VS2010 (April 2010). Major new features: late binding (dynamic), delegate and interface generic variance, more COM support, named arguments, tuple data type and optional parameters
• C# 5.0 released with .NET 4.5 and VS2012 (August 2012). Major features: async programming, and caller info attributes. Breaking change: loop variable closure.
• C# 6.0 released with .NET 4.6 and VS2015 (July 2015). Implemented by Roslyn. Features: initializers for automatically implemented properties, using directives to import static members, exception filters, element initializers, await in catch and finally, extension Add methods in collection initializers.
• C# 7.0 released with .NET 4.7 and VS2017 (March 2017). Major new features: tuples, ref locals and ref return, pattern matching (including pattern-based switch statements), inline out parameter declarations, local functions, binary literals, digit separators, and arbitrary async returns.
• C# 7.1 released with VS2017 v15.3 (August 2017). New features: async main, tuple member name inference, default expression, and pattern matching with generics.
• C# 7.2 released with VS2017 v15.5 (November 2017). New features: private protected access modifier, Span<T>, aka interior pointer, aka stackonly struct, and everything else.
• C# 7.3 released with VS2017 v15.7 (May 2018). New features: enum, delegate and unmanaged generic type constraints. ref reassignment. Unsafe improvements: stackalloc initialization, unpinned indexed fixed buffers, custom fixed statements. Improved overloading resolution. Expression variables in initializers and queries. == and != defined for tuples. Auto-properties' backing fields can now be targeted by attributes.
• C# 8.0 released with .NET Core 3.0 and VS2019 v16.3 (September 2019). Major new features: nullable reference-types, asynchronous streams, indices and ranges, readonly members, using declarations, default interface methods, static local functions, and enhancement of interpolated verbatim strings.
• C# 9.0 released with .NET 5.0 and VS2019 v16.8 (November 2020). Major new features: init-only properties, records, with-expressions, data classes, positional records, top-level programs, improved pattern matching (simple type patterns, relational patterns, logical patterns), improved target typing (target-type new expressions, target typed ?? and ?), and covariant returns. Minor features: relax ordering of ref and partial modifiers, parameter null checking, lambda discard parameters, native ints, attributes on local functions, function pointers, static lambdas, extension GetEnumerator, module initializers, and extending partial.

In response to the OP's question:

What are the correct version numbers for C#? What came out when? Why can't I find any answers about C# 3.5?

There is no such thing as C# 3.5 - the cause of confusion here is that the C# 3.0 is present in .NET 3.5. The language and framework are versioned independently, however - as is the CLR, which is at version 2.0 for .NET 2.0 through 3.5, .NET 4 introducing CLR 4.0, service packs notwithstanding. The CLR in .NET 4.5 has various improvements, but the versioning is unclear: in some places it may be referred to as CLR 4.5 (this MSDN page used to refer to it that way, for example), but the Environment.Version property still reports 4.0.xxx.

As of May 3, 2017, the C# Language Team created a history of C# versions and features on their GitHub repository: Features Added in C# Language Versions. There is also a page that tracks upcoming and recently implemented language features.