The way that I read the What's New is that the newer versions of calibre will export the library in at most 1GB chunks even if that required splitting a file larger than 1GB. It goes on to say that exports from newer versions will not be importable by older versions. So if you are using the Export/Import functionality, you will not be able to export a library on 7.10 and import it on 3.48. If you are using 7.10 and exporting your library, you will be able to import it on calibre 7.10 or newer. If you are using calibre 6.29 and export your library, you will be able to import it on calibre 7.x.
This has nothing to do with creating a catalogue of your library books from the Convert Books menu.
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