I believe you are correct in that they don't currently support WM7. I'm guessing, not being familiar with mobile platforms, that this is pretty new environment. Just like with IE 9 or FireFox 4 or .NET 5 (whenever THAT'S going to happen), out of the box a testing tool will not be able to support the new technologies.
Not being an employ of SmartBear, I can't speak to the development plans. That's something for someone like Jared to answer. :-)
TC doesn't support Windows Mobile 7.
Also, note that PDA support was discontinued.
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Windows mobile (PDA) is a slightly ambiguous term, given the large number of variants on the original Windows CE O/S. I'd read the above statement as only supporting phones, running Windows Mobile (??) - Windows Mobile (6.5). Useful to know what the lower bound is here, I'd guess WM4 or WM5. Pity about not supporting the other devices, as I'd guess there are many more Windows Mobile / Windows CE / PocketPC devices out there than Windows phones.
I think this is actually one of the major problems with Windows CE derived platforms, there are simply too many variants, which leads major to testing problems and a technical support nightmare. I can fully understand limiting your support, if I could possibly do the same I would [img]/images/graemlins/wink.gif[/img]