Device Emulator BSP for Windows CE 5.0 is available for download

http://www.microsoft.com/downloads/details.aspx?FamilyID=474b03a6-e87d-455d-bc16-b8cf18ef39b4&displaylang=en

This download allows you to create Windows CE 5.0 images for the DeviceEmulator, and create SDKs for Visual Studio 2005 that include those images.

As the webpage indicates, the release is an unsupported sample.  However, I'll do my best to answer questions/comments, fix bugs, etc.