Hmmm, looks like Graham's gone for his dinner...
Given that old stuff used to work, I'd say it looks like an installation problem, that is different elements from different versions have caused a build incosistency.
I'd a) make sure I had backup of the version of b4ppc for which the old stuff worked, just in case; b) I'd uninstall b4ppc and anything related to it; c) install latest version; d) go round all MY directories making sure Library dlls were all manually replaced from the new installation if the system doesn't do it for you (does it? Graham would know).
I have one third party app written in some unknown language which misbehaves because it can't find .Net CF 1. Everything else seems to work fine with 2.0 or even 3.5. But that is sufficent evidence to say that if the above doesn't work, then make sure you have an old .Net CF for your old stuff as occasionally it is a problem not to have it.