I recently did a hard reset on my device, but had problems installing CF2 because the installer complained that I already had installed it. (This seems like a bug to me – what if I had two Windows Mobile devices?)
Anyway, I didn’t want to uninstall then reinstall CF2 as suggested by the installer because I was afraid that it would mess up my settings and paths in Visual Studio.
To manually install CF2 just follow the instructions as for setting up the emulator – i.e. install the file NETCFv2.wm.armv4i.cab.