Portable class library: recommended replacement for [Serializable]

I am porting a .NET Framework C# class library to a Portable Class Library. One recurring problem is how to deal with classes decorated with the [Serializable] attribute, since this attribute is not part of the Portable Class Library subset. Serialization functionality in the Portable Class Library subset instead appears to be covered by DataContractAttribute.

• To preserve as much of functionality as possible in the Portable Class Library, is it sufficient to replace [Serializable] with the [DataContract] attribute (with the implication that all fields and properties subject to serialization would need to be decorated with [DataMember] as well)?
• What (if anything) will I not be able to do with this approach that I can do with [Serializable] applied?
• Is there a less intrusive approach?

Given that [DataContract] and [DataMember] are used, I am considering to change the code along the following lines. Are there any obvious flaws with this approach? Is there any way to formulate the same thing less verbose?

#if PORTABLE
    [DataContract]
#else
    [Serializable]
#endif
    public class SerializableClass : SerializableBaseClass
    {
       ...
#if !PORTABLE
        protected SerializableClass(SerializationInfo info, StreamingContext context)
             : base(info, context)
        {
        }
#endif
        ...
#if PORTABLE
        [DataMember]
#endif
        private Type1 _serializableField;

#if PORTABLE
        [DataMember]
#endif
        private Type2 SerializableProperty { get; set; }

        ...
    }