The way this whole thing is documented sucks. The Developer boys and MS need to get their act together. Articles are poorly linked and only a handful of people have managed to make this work.
Here it is (well ActiveSync over the network anyway): If using VS .NET 2003, use these tools:
http://www.microsoft.com/downloads/details.aspx?FamilyId=74473FD6-1DCC-47AA-AB28-6A2B006EDFE9&displaylang=en#filelist
and follow the instructions.
If using eMbedded Visual C++ you will need a null serial cable and connect your two serials ports.
If not, you will need to run emuascfg /PPC from the command line (search for the file). This sets up your emulator image to synch over the network.
Thanks to these guys here: http://www.experts-exchange.com/Programming/Wireless_Programming/WinCE/Q_20963117.html
http://www.experts-exchange.com/Programming/Wireless_Programming/WinCE/Q_20963117.html