I've seen several people ask this question lately so here ya go... It is possible to run the Pocket PC and Smartphone emulators without going through VS.NET.  Assuming you used the default paths to install VS.NET 2003 and the Pocket PC 2003/Smartphone 2003 SDKs, these command lines will do the trick:

Pocket PC 2003:

"C:\Program Files\Microsoft Visual Studio .NET 2003\CompactFrameworkSDK\ConnectionManager\Bin\Emulator.exe" /ceimage "c:\Program Files\Windows CE Tools\wce420\POCKET PC 2003\Emulation\PPC_2003_WWE.bin" /video 240x320x16 /ethernet true /skin "c:\Program Files\Windows CE Tools\wce420\POCKET PC 2003\Emulation\Pocket_PC_Emulator_Skin.xml"

Smartphone 2003:

"C:\Program Files\Microsoft Visual Studio .NET 2003\CompactFrameworkSDK\ConnectionManager\Bin\Emulator.exe" /ceimage "c:\Program Files\Windows CE Tools\wce420\SMARTPHONE 2003\Emulation\SP_2003_WWE.bin" /video 176x220x16 /ethernet true /skin "c:\Program Files\Windows CE Tools\wce420\SMARTPHONE 2003\Emulation\Smartphone_Emulator_Skin.xml"

Tweaking those to work with other emulator images (e.g., for 2002, 2003 Second Edition, or a localized version) is left as an excercise for the reader :)

[Author: Robert Levy]