A while back, I posted a diagram illustrating how our tools map to versions of the platform. That generated quite of bit of customer feedback from .NET CF developers who want to use the latest tools while still being able to target users with a wide range of devices. As a result, things are substantially different in VS 2005 Beta 2. Here's the updated matrix:
The letter "R" denotes combinations where a runtime library needs to be installed on the device.