>Does Guineu work with this emulator:

Unfortunately no. This emulator is using the old emulator technology and requires special builds compiled to x86 machine code in order to run. That would not only include a special build of guineu, but also of the Compact Framework. Guineu requires the new device emulator that first shipped with VS 2005. You can use either of the three versions that are currently available, such as http://www.microsoft.com/DownLoads/details.aspx?familyid=A6F6ADAF-12E3-4B2F-A394-356E2C2FB114&displaylang=en. Unfortunately there's no CE5 image available for the new emulator. On Microsoft Connect the team has already confirmed that such an image will not be made available.