Here is interesting batch of rumors about Windows Mobile published by MobileCrunch – a publication owned by respectable TechCrunch:

Now for the nuts and bolts: Windows Mobile 7 has no background processing and will use an Apple-like notification service. There is no system resource access and no threaded processes. In fact, there is no customization at all.

Windows Mobile 7 will not run 6.x code. End of story. It is based on Silverlight and .Net. Everything save a few basic programs will not work under Windows Mobile 7. There is no expectation that this will be a “business device” and the focus is currently on games including some XBox Live functionality for gaming and messaging.