Micah,
There is a geoprocessing tool 'Create File GDB' which will allow you to create an empty geodatabase at version 9.4, 9.3 or 9.2. After using this tool you could then use ArcGIS Desktop 9.4 to copy data from a 9.4 File Geodatabase to a 9.3 or 9.2 File Geodatabase which would enable you to view data in previous ArcGIS Desktop versions.
Edit:
This functionality will be available at Bata 2.