Will their be a new release of the compact framework with VS2010 and .net 4.0 and if so what new features will it include? WPF? linq to SQL? etc
Visual Studio 2010 only supports developing for windows phone 7. This is a silver light based framework, it does not support win forms or native code.
VS2010 can not be used to develop for Windows Mobile 6.5 or lower.
You can however install VS2008 along side VS2010.