Assuming you're joining on columns with no duplicates, which is a very common case:
An inner join of A and B gives the result of A intersect B, i.e. the inner part of a Venn diagram intersection.
An outer join of A and B gives the results of A union B, i.e. the outer parts of a Venn diagram union.
Examples
Suppose you have two tables, with a single column each, and data as follows:
A B
- -
1 3
2 4
3 5
4 6
Note that (1,2) are unique to A, (3,4) are common, and (5,6) are unique to B.
Inner join
An inner join using either of the equivalent queries gives the intersection of the two tables, i.e. the two rows they have in common.
select * from a INNER JOIN b on a.a = b.b;
select a.*, b.* from a,b where a.a = b.b;
a | b
--+--
3 | 3
4 | 4
Left outer join
A left outer join will give all rows in A, plus any common rows in B.
select * from a LEFT OUTER JOIN b on a.a = b.b;
select a.*, b.* from a,b where a.a = b.b(+);
a | b
--+-----
1 | null
2 | null
3 | 3
4 | 4
Right outer join
A right outer join will give all rows in B, plus any common rows in A.
select * from a RIGHT OUTER JOIN b on a.a = b.b;
select a.*, b.* from a,b where a.a(+) = b.b;
a | b
-----+----
3 | 3
4 | 4
null | 5
null | 6
Full outer join
A full outer join will give you the union of A and B, i.e. all the rows in A and all the rows in B. If something in A doesn't have a corresponding datum in B, then the B portion is null, and vice versa.
select * from a FULL OUTER JOIN b on a.a = b.b;
a | b
-----+-----
1 | null
2 | null
3 | 3
4 | 4
null | 6
null | 5
Yes, the upwards and downwards compatibility is usually pretty good. I've successfully used such configuration several times in the past.
Having said that I remember one occasion, where we had a problem with calling a stored procedure that returned an open cursor to the Java application. Going back to an older version of the OJDBC driver solved it. At the time, it was a Oracle 9i database.
So with some testing, you can become confident it works.
Best Answer
I've been using DB Links from 11g to 10g. No big issues.
Only caveat is that 11g can use mixed-case passwords and you might want to switch that off if you are trying to connect from a 10g database to an 11g one.