It looks like the Mozilla Fennec browser has been ported to the Windows Mobile platform. Gnubeashie, the open source whiz, has managed to build the browser using its early source code, and has published a video of it running in the Windows Mobile 6.1 emulator. And running pretty fast, I must say. The UI is very nice and looks to be more functional than that in the official Alpha.
The application is not available for download, apparently because it's not fully functional yet, but hopefully will be released soon.