Great news!  You can now download Windows Mobile 5.0 Messaging and Security Feature Pack OS images (aka AKU2) for the Device Emulator.  The MSFP release includes Direct Push, Remote Wipe, S/MIME, policy enformencent and other features - see this article for more information.

These OS images are standalone:  Visual Studio 2005 is NOT required to install or use them. 

The download page is: http://www.microsoft.com/downloads/details.aspx?FamilyID=c62d54a5-183a-4a1e-a7e2-cc500ed1f19a&displaylang=en

Barry