I am ramping up a new project. We'll pull up a legacy eVB-project to Compact Framework. This is what I'm configuring when setting up a new dev environment:

Base Platform
Visual Studio 2005 Professional (with Service Pack 1)
Windows Mobile 6 Professional and Standard Software Development Kits Refresh
.NET Compact Framework 2.0 SP2
SQL Server Compact Edition 2005 Developer SDK
SQL Server 2005 Compact Edition Tools for Visual Studio 2005 Service Pack 1

Productivity Tools
CodeRush from Devexpress
Refactor!Pro from Devexpress
MZTools 6 from MZTools
Pocket Controller from SOTI

Controls
MobileForms Toolkit from Resco

Icon Library
IconExperience