A case study for porting an iPhone application to Windows Mobile was recently published by the Windows Mobile Developer Center within the Microsoft Developer Network.  A post on the Windows Mobile Blog offers further perspective on the process.  The study produced a ported iPhone app that ran successfully on an HTC Touch Pro with a beta version of Windows Mobile 6.5.  The author made the follow conclusion of the process.

Porting an iPhone application proved both surprising and not nearly as challenging as had been expected. Once the frameworks and library decisions were finalized, the effort to port code essentially consisted of moving Objective C to C#, both of which are Java-like languages.

If porting process can be streamlined to attract iPhone developers, it could breathe new life into the Windows Mobile market.  Not because developers would abandon the iPhone, but because developers of iPhone apps could expand their income potential by reaching a new market with a significant number of devices.