Well, not yet what you might expect but I just finished the first version of a serial communications Pipe. This allows you to connect to a Bluetooth-enabled device through a virtual COM port as I just did with my laptop (with Targus USB Bluetooth dongle and the standard Microsoft stack) and my iPAQ 2210 (a very reliable beast with the Broadcom stack).
Nothing automatic here - I just configured a serial link between the devices and wrote the serial code to glue them both. I am ashamed to say that this was not a swift experience because my years as a mobile developer led me to overlook some of the finer points of desktop development, namely overlapped IO. Yes, porting the device code to the desktop did not quite work as I expected. Nothing at all, really. After researching into the overlapped IO mechanism, it was quite easy to set up the internal threading and queueing to simulate a RAPI Pipe over a serial port.
Next steps? 1 - Port the client code to the mobile device so you can access another devices SQL CE / Mobile databases over a Bluetooth COM port. 2 - Add support for the Microsoft stack so a device will be able to identify which partners can serve SQL Mobile data and connect via sockets. 3 - Add support for the Broadcom stack. From what I have seen, there is no sockets support in the Broadcom stack. 4 - Why not infrared?