Answer
Some edits will not be allowed. If you are editing an existing 8.0.2 version geodatabase with ArcGIS 8.1, you will be prevented from making edits to annotation that would cause it to become incompatible with ArcInfo 8.0.2. If you want to edit your geodatabase annotation with ArcGIS 8.1, if the geodatabase was created with ArcInfo 8.0.2, you should upgrade it to 8.1.
For more information on how to upgrade your geodatabase, see ArcGIS online documentation under 'Working with geodatabases.'