Emulator Windows CE5 (5.3.026) not EMULATOR ARM4 but x86.
For test search google Windows CE task manager
Test taskmanager compiled for arm4 not run
Test taskmanager compiled for x86 RUN
Load into Emulator NETCFv2.wce5.x86.cab
Compiled basic4ppc 1 form, 1 button for windows.
Put exe basic4ppc into emulator run with error:
Fle or assembly name 'System.Drawing, version2.0.0.0,
culture=neutal,
publickeytoken=b03f5f7f11d50a3a,
or one of its dependencies,was not found.