Sql Server Managament Studio 2008 not scripting for SQL Server 2000 properly

I have SQL Server Management Studio connecting to a SQL Server 2005. I am using studio to script a database targeted for SQL Server 2000. 'Script for server version' is set to sql server 2000.
However the generated script error out because the syntax is not for 2000. Is this a bug in Studio?

For example:
IF  EXISTS (SELECT * FROM sysobjects WHERE object_id = OBJECT_ID(N'[dbo].[ApproveOrder]') AND type in (N'P', N'PC'))
DROP PROCEDURE [dbo].[ApproveOrder]

then I have to manually change it to:

IF  EXISTS (SELECT * FROM sysobjects WHERE id = OBJECT_ID(N'[dbo].[ApproveOrder]') AND type in (N'P', N'PC'))
DROP PROCEDURE [dbo].[ApproveOrder]
Who is Participating?

[Product update] Infrastructure Analysis Tool is now available with Business Accounts.Learn More

I wear a lot of hats...

"The solutions and answers provided on Experts Exchange have been extremely helpful to me over the last few years. I wear a lot of hats - Developer, Database Administrator, Help Desk, etc., so I know a lot of things but not a lot about one thing. Experts Exchange gives me answers from people who do know a lot about one thing, in a easy to use platform." -Todd S.

That happen with SQL Server 2008, and  it seems to be a bug in MS SQL Management Studio for MS SQL 2008....Please report it. :)
For SQL Server 2005 it just work fine.

Experts Exchange Solution brought to you by

Your issues matter to us.

Facing a tech roadblock? Get the help and guidance you need from experienced professionals who care. Ask your question anytime, anywhere, with no hassle.

Start your 7-day free trial
It's more than this solution.Get answers and train to solve all your tech problems - anytime, anywhere.Try it for free Edge Out The Competitionfor your dream job with proven skills and certifications.Get started today Stand Outas the employee with proven skills.Start learning today for free Move Your Career Forwardwith certification training in the latest technologies.Start your trial today
Microsoft SQL Server 2008

From novice to tech pro — start learning today.