Look at the picture. The HTC Shift runs a full version of Windows Vista Business and has very little to do with Windows Mobile, according to HTC General Manager Kevin Chen. Chen says that there is Windows Mobile on board, but WinMo is only used as a data modem, providing push email while the device is asleep. He also notes that the Shift can run some of standard Windows Mobile apps, but you’ll be using Vista most of the time anyways.
While in full Vista mode, you get treated to about three hours of battery life, so I can’t imagine you doing very much a time without being tethered to the wall. Kevin Chen was adamant to remark that the HTC Shift does not run Windows Mobile, despite having WinMo-like tendencies.
Any way you cut it, the Shift is dead sexy (and crazy expensive).