This is one of the questions Danny Thorpe asks hisself in his blogentry about Delphi for .net running on the Compact Framework.
Really encouraging to see the progress and it looks like in Delphi 2006 there will be support for the Compact Framework. Even VCL.NET for CF could be a possibility!!
Well that would really drive VCL.NET into a prominent place for .net framework development!
Updated 22-3-2005 20.00:
More info via Allen Bauers blog entry: VCL.NET on CF? We control the horizontal.....
Updated 22-3-2005 20.41:
Well it is cooking for VCL.NET/CF :-)
Danny Thorpe blog entry: WinForms, Compact Frameworks, and Outhouses