Some new features include:
# Grab and Scroll (PocketPC only) NEW!
# Web search in address bar NEW!
# Save image NEW!
# Copy text NEW!
# Send link as e-mail, SMS, and MMS NEW!
# Import IE bookmarks NEW!
# Support for Macromedia Flash Player 7 for Pocket PCs NEW!
# FlashLite 2.1 NEW!
I was able to play YouTube videos with it (still kinda buggy as it's beta).
However Google Videos would not work.
(This beta release is set to expire on June 1, 2007)
ftp://ftp.opera.com/pub/opera/winmobile/865b/