I opened a script that was saved as an application in Script Editor in Snow Leopard and it warns:
Document Format is Read Only
This script application is in a format that is no longer supported. You will not be able to save your changes, but you will be able to Save As a new script application. Do you want to edit this file anyway?
[Cancel][Allow Editing]
If I create a new script application in Snow Leopard will users of 10.5 and 10.4 be able to run it?
“Application” replaces “Application Bundle” from previous versions. (“Application” from previous versions is the single-file format that is no longer supported.)