I don't want to raise expectations too much because there's still an incredible amount of work to be done, but thanks to great work done by Volker Berlin a lot of progress has been made on the AWT/Swing front. For example, here's a screenshot of the JDK SwingSet2 demo running on the current ikvm version from cvs:

Not everything works and some of the missing functionality will be quite difficult to implement on top of .NET 1.1 or 2.0 (it may be easier with WPF, but I really don't know). There are also a couple of GNU Classpath bugs, but overall it's quite impressive how well this demo works.