Our mobile team just announced that there will be no Opera Mobile 11 (or future versions) for Windows Mobile.
You will still be able to download older versions, but there will be no future development on the platform.
The announcement mentions Windows Phone 7, but there's no commitment to delivering anything on that platform yet. WP7 will probably have to prove itself to be an attractive platform for developers before that happens. My understanding is that WP7 sales have been less than stellar so far.
It's a sad day for Windows Mobile users, but there isn't much you can do if a platform has been declared dead.