I currently need to work on a Compact Framework Project again. I used to do this some time ago with VS 2008, however I don't have a license for this anymore. I do have licenses for 2012, and it really seemed like good timing for me given the recent announcements (Get started developing for Windows Embedded Compact in Visual Studio (Compact 2013)).
I downloaded and installed Application Builder for Windows Embedded Compact 2013
And install the Embedded Compact 2013 Update 5 (full setup).
Unfortunately after these steps the Project Templates still won't show up.
My current understanding is that the template will only be visible when I also install the SDK.
The SDK provided for the Windows Embedded Compact 2013 product that you are targeting. Typically, this SDK is provided by an OEM.
However, I don't have a device for development, I used to use the emulator for this and they used to be available in Visual Studio without big fuzz.
I tried to find an emulator using my preferred web search, but without any success.