Raffaele Rialdi has pointed out that trying to run RTF Host from CF 3.5 Power Toys (required for manual connectivity) on a Windows Mobile emulator produces an error :

This is caused by RTF getting confused and trying to use DMA transport instead of TCP. Here are the steps to establish a manual RTF connection to an emulator (you don't really need it unless you are doing a demo)

1. Start Emulator using Device Emulator Manager.

2. Configure Network and Storage card folder

3. Copy to storage card folder the following file: "C:\Program Files\Common
Files\microsoft shared\CoreCon\1.0\Target\wce400\armv4i\TCPConnectionA.dll"

4. In File ExplorerNavigate to \Windows\Corecon1.1. If you don't see it
there, connect to the emulator from Studio

5. Launch ClientShutdown (you should see a guid-named folder to appear)

6. Copy \Storage Card\TcpConnectionA.dll to \Windows

7. Go to \Windows and delete DeviceDMA.dll (if you can't, you forgot to
launch ClientShutdown)

8. Go back to \Windows\Corecon1.1 and launch ConmanClient.exe

9. Launch RTF Host. Enjoy