We can't really give you a definitive answer here. The Compact Framework runs on a whole lot of hardware. As a prime example, I work on CF apps on a nearly daily basis, and I rarely use a Windows Mobile device. In fact I just installed the WinMo 6.x SDK on my laptop, and I've been using it for development for probably 3 years. There simply is no "average" device.
The question you have to ask yourself is "what is a representative example of the type of device I plan on targeting?"
If you're going to target PDAs/phones, then I'd probably get a WinMo 5.0 phone for general usage since there is a large install base and 5.0 apps will run under 6.x.
If you plan on targeting embedded devices a good general-purpose CEPC like an eBox 3300 is nice because it comes already booting to Windows CE.
If you plan on using I/O, then you really need to look at a device that is much closer to the actual hardware you would target. In fact, you'd probably want it to be built on your target BSP, since I/O is very processor, and often OEM dependent.