Limited Functionality
If you're PPC developer, you should know that for a given software the PPC versions can hardly be 100% functional as the normal, desktop versions. KeePass PPC is not an exception of that rule - the desktop version has much more power than the PPC version. It's prettier, it has more gadgets and style. Here I will try to explain the differences between the PPC version and the (current) desktop version of KeePass.

What PPC version lacks
At the moment, these features exist only on the Win32 version:

• Entering and modifying hierarchical groups.
  Both versions support well non-hierarchical groups. However, if you have tree of groups, you will not see (for now) that tree in the PPC version. PPC version honours the tree data, it will not destroy it, but it will not show the group tree as well. The groups in the PPC versions are "flat".
• Time stamp fields.
  The PPC version does not support editing of the time-related fields. All time-related fields are initialized correctly (last-edited, creation time, etc), but editing of the time fields (expiration date/time for example) is not available.
• Password generator is based only on standard pseudo-random sequences. The mouse-move enhancements (or keyboard-entry enhancements) are not implemented.
• No files can be attached to the items. Existing attachments are preserved, but they cannot be accessed in any way.
• No multi-language support. For now, KeePass PPC is an English-only application.
• Clipboard automation (clearing clipboard after N seconds) is not implemented. Keyboard shortcuts (copy username to clipboard, copy password to clipboard etc) are not implemented.
• Passoword-files are not supported. Only user-entered password is supported.

Conclusion
The whole idea around current KeePass PPC is: it should serve as a helper application, which can view your stored passwords, you could enter new passwords etc., but you usually should use the Desktop versions for any serious editings. The PPC version has the big plus that it's always with you and you can always retrieve the needed secret data. However, for the most frequest use still KeePass Desktop should be preferred.

Update Description:

v0.4.5:
- Added Key File support.
- Updated to KeePassLibC V1.08.
- Aligned password generator dialog with KeePass.
- Password generator uses functions from KeePassLibC now.
- Added option to enable/disable password preview in EntryListView.
- Removed obsolete brief-tag from comments.
- Aligned default password groups with KeePass.
- Reviewed strings in source code.
- Cancelling FileSaveAs dialog no longer results in losing the current database name.

v0.4.4:
- Port to use KeePass v1.07 encryption library.
- Added support for Windows Mobile 6 Professional.
- Use CNewRandom in PassGenDlg to improve randomness of generated passwords.
- Merged from VVit.
    >> New location of OK and Cancel button.
    >> "Copy Name", "Copy Password" and "Loop for reentering the master key".
- Improved "Copy Name", "Copy Password" and "Loop for reentering the master key".

v0.4.3:
- Second try to fix the SmartMinimize button.