The reason for the format separation is to avoid issues where the rec would either crash or go out of sync due to internal differences in the game after updates. Here's an example where ES probably should have changed either the format or the rec version to avoid the problem: viewtopic.php?f=7&t=93188
You can see these issues in HD, as well, where both the original v1.0c recs and earlier versions of HD all share the same .mgx format, allowing people to load invalid data into the game.
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