Wouldn't a 2.1 card in a 2.0 slot be forwards compatible?
Backwards would be using a 2.0 card in a 2.1 slot.
Be it forward or backward, it is compatible. People use "backward compatible" to refer PCIe 2.1 video card will work on 2.0 PCIe slot.
PCIe v2.1 is created to make sure video cards will work on both v2.0 and v3.0 PCIe slot, just like v1.1 video card works on both PCIe v1.0 and PCIe v2.0.
In other words, PCIe cards that followed PCIe v2.1 specifications are backward compatible to PCIe v2.0 mobo and forward compatible to PCIe v3.0 mobo in the future.
PCIe v2.1 runs at the speed of PCIe v2.0.
AFAIK PCIe v2.1 specification also support backward compatibility to PCIe v1.0 slots.