Good lord, the mobile browser space on Windows Mobile is absolute on fire lately. The newest entrant is Iris, from Torch Mobile. They announced at MWC and you can go download it right now. Iris is getting distributed by Trolltech - those crazy Linux Smartphone developers who were recently purchased by Nokia. But whatever, it's available on Windows Mobile.
Iris, like Safari on the iPhone and Nokia's browsers, is based on Webkit. It certainly seems to render everything exactly as it ought -- in fact it renders perhaps a little too well as it doesn't seem to offer any smart-wrapping features for text. Generally speaking it doesn't seem to have Still, if you're looking for a free option that will render just like you expect, Iris might be fun.