Finally a FIX!!!
I am not sure when this was posted by Microsoft but I can confirm that this is indeed an update to version 5.0.11249.0 which had the update loop on Windows Mobile 6.5.....I personally noticed this when I updated my Sprint TP2 from 6.1 to 6.5 back on 3/19/10. Once you have installed this update Bing should be updated to version 5.1.2010.3290 and you should no longer experience the update loop! It also appears to fully support WVGA now!
If this helps you out please thank me!!
If you don't want to download my attachment you can simply download the update from the link Bing uses to open Opera as the updated file is now on Microsoft's servers.