It actually depends on the compiler (and profile / runtime), and not on the Mono version. IOW, some things may work on Mono 2.10, not MonoTouch 6.x.
Current versions of MonoTouch come with a smcs compiler and a profile based on 2.1 (mainly Silverlight and some .NET 4.0 add-ons).
New features, such as covariance, require a full 4.0 compiler (for example, dmcs in Mono 2.10 or mcs in Mono 3.0) and runtime.
Future versions of MonoTouch (probably this spring with alpha / beta at the beginning of 2013) will provide 4.0 / 4.5 runtime and compiler.
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