Bug: Annotation feature classes with 10.1 functionality appear as polygon feature classes when opened with ArcGIS 10.0 SP3 or earlier
When opening an annotation feature class, whether standard or feature-linked, that has 10.1 functionality (i.e., Python is used as the scripting language), the annotation class appears as a polygon feature class in the property page.
This is due to a bug in the way that ArcGIS 10.0 SP3 and earlier service packs of 10.0 filter 10.1 content. The feature class should be blocked from opening with these 10.0 service packs.
Do not edit or modify the annotation feature class. Install ArcGIS 10.0 SP4 to properly block the annotation feature class with 10.1 functionality from being opened with ArcGIS 10.0 SP3 or earlier releases.