[Note: I don't own a windows mobile device anymore. Feel free to fork or continue this project otherwise.]
You should put the RSS feed http://sourceforge.net/api/file/index/project-id/384125/mtime/desc/limit/20/rss into your newsreader to keep up with new releases as I usually don't announce them.
Get pythonce from http://sourceforge.net/projects/pythonce/ and install it. Probably the .cab-file in http://sourceforge.net/projects/pythonce/files/pythonce-smartphone/Python-2.5-20071004/ is right for you.
I moved file hosting to https://sourceforge.net/p/ankimini/home/ You can get all the necessary ankimini python files from there as a zip file which was built from https://github.com/mmehnert/libanki/ and https://github.com/mmehnert/ankimini/
People have reported that copying the zip file to the phone and unzipping it inside the phone does not work since the filenames are not preserved correctly. So, on windows, unzip the ankimini zip file to your desktop and move the resulting ankimini directory to your phone via sd card or move folders to appropriate location that gets synchronized via activesync.
If you're on linux, use syncefs to mount the phone. I just unzip directly into the mounted directory.
You can start ankimini by clicking on the main.py file now.
You'll get a message that the server is running on port 8000. Now, point your web browser (see below) to http://localhost:8000/. Just use the button labelled "local" to select which deck you want to use.
Tip: If you don't like the IFrame and the vertical scrollbar, just use http://localhost:8000/question .
Internet Explorer seems to be the best option as an interface so far. Opera Mobile drove me crazy for always connecting to the internet.
Get Dotfred's TaskMgr from http://www.dotfred.net/TaskMgr.htm. You will need something like this to kill the python process later :-)
Synchronizing your stuff, more specific: You should have an empty deck in your list that you can switch to before overwriting other decks since the current deck is still locked by the python process. So you might be able to copy it but you will not be able to overwrite it when you want to put a newer version of the deck onto the phone.
Then copy the .anki files from the deck directory back to your computer. Or, if activesync synchronizes your ankimini directory - use that. Or use online syncing. I haven't tried that yet - so any reports are welcome.
If you want to use sound, you may be interested in http://forum.xda-developers.com/showthread.php?p=6288343. But that playsound program does only wav files. If anyone knows a nice mp3 command for windows mobile, please let me know.
If you want to assemble the whole thing yourself, here are the instructions:
Get ankimini from http://github.com/mmehnert/ankimini.git .
Check out the libanki repository from http://github.com/mmehnert/libanki.git and copy the libanki directory into the ankimini directory.
You'll also need the simplejson and sqlalchemy directory from your local python installation (on debian these are in /usr/share/pyshared). Copy these directories into the ankimini directory on your phone, too.
Create a "decks" directory inside your ankimini directory and put the decks you want to use inside.
Your directory tree should now look like this:
Please look for branches in my github repositories that may be more up to date than the master branch.
Also, in https://github.com/mmehnert/ankimini/tree/assemble-zip you will find a Makefile that does the assembly of the whole zipfile.