I've never personally used it, but I can point you to some discussions on it:
http://exchange.ni.com/servlet/ProcessRequest?RHIVEID=101&RNAME=ViewQuestion&HOID=5065000000080000004EA80000&ECategory=LabVIEW.LabVIEW+General
http://www.tabletpcbuzz.com/forum/topic.asp?TOPIC_ID=11425
In general, it appears that it's possible to run executables, and it might be possible to run LV to debug, but it would be hard to wire and thus to develop on them.
Regards,
Ryan K.