I have been using WM5 for little less than 2 years now. And, in the meanwhile I have done every possible modification to it. But here I am listing some of the browsers that I have used with it. Here is the list.

1. Pocket Internet Explorer:
This comes with the Windows Mobile phone. It works pretty well if you are not a hardcore internet surfer on the Pocket PC (PPC).

2. Opera Mobile:
It resizes the actual webpages to fit the screen of your PPC. Also, it allows you to scroll using touch screen instead of having to use the side bar.

3. Opera Mini 3.0:
This is a very good alternative for PIE. It is sleek and well designed. The only thing I didn't like is that you have to open MIDlet Manager to use it. Unlike PIE and Opera Mobile, it doesn't open directly from start menu.