2010.3 was installed in the default location. After selecting the Upgrade to lastest option and restarting the utility I managed to upgrade most of the projects. The utility had a problem with projects that had other projects in a folder underneath them, i.e.

Folder: SelectionControl - contains VB project. Solution contains this single project

Folder: SelectionControl\TestControl - contains VB project. Solution contains this TestControl project and SelectionControl project

Could not use utility to upgrade SelectionControl VB project.

The utility doesn't require the old version and the new version to be installed.  The error message means is that it can't find a replacement 10.3 assembly for the Infragistics2.Shared.v9.2 assembly.  Did you provide any custom options to the utility you were upgrading to 10.3?  In addition, did you customize your 10.3 installation experience (install in non-default path)?

When I try to upgrade it fails cause it cannot find the 9.2 version of the assembly, I uninstalled 9.2 then installed 10.3 so no the 9.2 version is no longer available. This utility requires both versions to be installed???

09:06:07: Gathering volume and assembly information.
09:06:31: Analyzing Analyzer.vbproj...
09:06:31: The following project needs to have its references updated:
09:06:47: Gathering volume and assembly information.
09:06:47: Analyzing Analyzer.vbproj...
09:06:47: The following project needs to have its references updated:
09:06:49: Updating Analyzer.vbproj...
09:06:49: C:\Maple\Src\Managed Applications\BA\Analyzer\Analyzer.vbproj has been backed up.
09:06:49: No matching assembly located in available assemblies Infragistics2.Shared.v9.2
09:06:49:    at Infragistics.VersionUtilitySupport.Core.ProductAssemblies.AssemblyList.AssemblyNameChange(String assemblyName, Int32 versionLocation, XmlNamespaceManager xmlNamespaceManager, String& assemblyNameNoVersion, Boolean ignoreErrors)
   at Infragistics.VersionUtilitySupport.Core.ProductAssemblies.AssemblyList.FindNewAssemblyNode(String assemblyName)
   at Infragistics.VersionUtilitySupport.Core.File.Types.ProjectFile.FetchNewAssemblyNode(String assemblyOldName)
   at Infragistics.VersionUtilitySupport.Core.File.Types.ProjectFile.Upgrade(String rootDirectory)