The quote isn't gospel, but it's a pretty solid indicator:
We are targeting a Milestone release for the first week of February, targeting the HTC Touch Pro
The Touch Pro is an interesting choice for the first release; the decision, I'd wager, stemmed from the ease of porting—resizing interface elements and managing the GUI is much easier when you got the Pro's 480x640 display to work with, and dealing with performance issues, which were evident in the early Nokia N810 build as well as the emulator, wouldn't be so hard on this relatively beefy piece of hardware. Not to mention the fact that the QWERTY keyboard simplifies finger-friendly text input.
Whatever the reasoning, the release of a Windows Mobile version of Fennec represents significant progress toward a wide Windows Mobile release. Plus, I don't see why this build wouldn't at least sort of work on other VGA WinMo phones like the functionally identical Touch Diamond. [ElectricPig via ShinyShiny]