Fiinix in XDA-Developers has released an optimised version of a Chinese remote screencasting app for Windows Phone 7, allowing users with unlocked handsets to remotely control their handset from the desktop.
The app provides a full screen mode and a reasonable frame rate, making it perfect for demoes or for testing apps on a device without taking your eyes of your desktop.
The XAP and desktop client can be found on XDA-Developers here. It apparently does not run on Mango however.
See the app running wirelessly in a video after the break.