Microsoft announced .NET Micro Framework a couple of days back. Its a platform for devices like watches, Sensors, actuators, remote controls, wearable devices etc.
I think it will be subset of CF (compact framework), as CF is a subset of .NET Framework.
You can read more about it on Daniel Moth’s blog at: http://www.danielmoth.com/Blog/2006/05/net-micro-framework.html
and on: http://www.aboutnetmf.com/
Well I am certainly looking forward to it and want to know more about how it can be ported to a device.