Recently I have been investigating the new Windows Mobile Emulator that includes the MSFP.
If you are interested the emulator can be downloaded from here:
I think that this is a great idea for a piece of software but as yet there is little documentation. In fact, getting it to connect to the internet is rather tricky especially on VMs (I haven’t actually managed it yet!)
Still there is some info out there. Take a look at the following pages for a good starter guide.
I hope this helps a few people get started and with a bit of luck I may make progress getting it to work in a VM. If I do, I will certainly let you know!