Yes it is .Net 2.0 (2.5 technically).
There is no .NET 2.5, either 1.0, 1.1, 2.0, 3.0 or 3.5
I think you have mistaken it with the LLBLGen Pro version.
1) Unfortunately your suggestion does not work.
Did you mean the following line didn't work?
myEntity.SetNewFieldValue((int)MyEntityFieldIndex.MyDateField, null);
2) When attempting using a nullabe date time, I try:
DateTime? nullDate = null;
myEntity.MyField = nullDate;
And same problem.
So myEntity.MyField is of type "DateTime?", correct?