I think there are about a few hundred bloggers who have posted something about this so i'll spare you the long post and just give you a quick summary of what's new.
- Customer Feedback drove this release.
- Improvements in stability
- Adds new debugging features
- Extended platform support
- New developer functionality.
You can find out more details about this release at the .NET CF Team's Blog.
And you can download it directly here: http://www.microsoft.com/downloads/details.aspx?FamilyID=0c1b0a88-59e2-4eba-a70e-4cd851c5fcc4&displaylang=en