Currently NO, we wont have a Device Update beyond v4, mostly because the
faith of Mobile Controls is being decided for .NET 2.0 (maybe mobile
controls will be deprecated by ASP.NET 2.0) currently in .NET 2.0 Beta 1
there are no Mobile Controls, ASP.NET 2.0 renders a special version of your
website specifically for mobile devices without you having to write a single
line of code, in Beta 2 it wont be so and they (ASP.NET Team) recommend us
to keep using Mobile Controls as in v1.x.

As you can see it's not still very clear what it's going to happen but all
rumors point to the extinction of Mobile Controls for .NET 2.0 RTM (that
means NO more Device Updates).

Nevertheless you can build the Profiles for the Devices you want here:
http://www.asp.net/mobile/profile/default.aspx
it's a very cool wizard that will guide you through building the profiles,
Hope it Helps!!!

Good Luck!!!

--

Juan David Gomez A.
Microsoft Certified Professional
Analista de Desarrollo - PSL S.A.
Web and Wireless Banking
Medellin - Colombia