Smart Devices General
Even though applications written for Windows Mobile 2003 will work at Windows Mobile 5.0, you are advised to use Windows Mobile 5.0 SDK (and it does bring a lot of new stuff that you shall be grateful for).
This article can give you an insight into the world of WM 5.0 :
Once you install the WM 5.0 PPC and SP SDK, these will appear as a new item when you create new project via File->New Project. All the wizards, debugging and deployment will recognize the presence of WM 5 SDK.
Manav