There are two major versions of VRML: VRML 1.0 and VRML 2.0 aka VRML97 (this document does not discuss X3D, which can be considered version 3+ of VRML)
Flashpoint currently includes 3 VRML plugins. Live3D supports VRML 1.0. CosmoPlayer and Blaxxun Contact support VRML 2.0.
To tell if a VRML file is 1.0 or 2.0, it's sufficient to look at the first line of the file.
A VRML 1.0 file's first line looks like this:
#VRML V1.0 ascii
A VRML 2.0 file's first line looks like this:
#VRML V2.0 utf8