How do I write a .NET class library that I can recompile for either the regular .NET 3.5 Framework, or the .NET 3.5 Compact Framework?
The two frameworks aren't binary compatible*, unfortunately, but don't let that stop you.
Create two projects in your solution (one normal Class Library project, and one Compact Framework Class Library project), and add all the files from one project to the other as links by clicking "Add|Existing File" and then checking the "add as link" checkbox on the file dialog.
Now you only have one set of source code to maintain, but your solution will build both DLLs at the same time.
If you have any code inside a file that's specific to the desktop framework and won't work on the compact framework, you can wrap it in a compiler directive (at least in C#) like this:
#if PocketPC
// mobile-specific stuff here
#else
// desktop-specific stuff here
#endif