A user posted an important observation on the Bluetooth COM support in Windows Mobile 5 here on the microsoft.public.pocketpc.developer newsgroup. The problem is that while the system allows you to create virtual COM ports for all your paired devices which support Serial Port Profile, most of the time this will fail because the COM port you pick is already in use, on many devices you can have just 2 virtual COM ports. I've posted a few of my thoughts in the thread linked above, but while there are things that Microsoft can work to improve there are also a few things that developers can do to avoid the problem:-
Disclaimer The opinions expressed herein are my own personal opinions and do not represent my employer's view in anyway.