In my previous post on the September CTP I mentioned that there was a new smart device wizard. I’m not sure if the September CTP had this but I just noticed that in the October CTP, which you can download here, there is a .NET Compact Framework 3.5 option in the version dropdown:
Of course this is wishful thinking as the .NET CF v3.5 is not available in this download – selecting this option yields a project that references the v2 assemblies.