This is way out of the scope of what I normally troubleshoot, but I have gotten some questions around this and I just wanted to point out a really good resource (By Raffaele Limosani), for troubleshooting memory leaks in these kind of applications.
PingBack from http://blog.a-foton.ru/index.php/2008/11/25/debugging-memory-leaks-in-compact-framework-windows-ce-applications/
WOW!!!   Being linked by one of the most followed blogs about .NET Troubleshooting is really a honor!!