This is super cool! - Not only has VS 2005 shipped, there's also a component update available for Windows CE 5.0 Platform Builder that gives you a NETCF v2.0 component you can drag from the catalog and add to your Windows CE 5.0 platform configuration.
Here's the link to the NETCF v2.0 MSDN Download which is interestingly called "Windows CE 5.0 Platform Builder Update 051027_KB904260" (catchy name, eh!)
The component is exposed through two new SYSGEN variables - SYSGEN_DOTNETV2 (for the core .NET v2.0 bits) and SYSGEN_DOTNETV2_SUPPORT (for the support files).
From the recent Podcast interview with Richard Greenberg the .NET Compact Framework 2.0 is approximately 2MB in size, compared with approx 1.5MB for the 1.0 Compact Framework bits.