No Transformation (or any GDI+) Support

I wouldn't think so, but Google confirmed it by returning this article, .NET Compact Framework Graphics, by David Durant and Paul Yao (an excerpt from their book .NET Compact Framework Programming with C#).

This brings up another difference between the desktop .NET Framework and the .NET Compact Framework: available coordinate transformations. The desktop provides a rich set of coordinate transformations—scrolling, scaling, and rotating—through the Matrix class and the 3 × 3 geometric transform provided in the System.Drawing.Drawing2D namespace. The .NET Compact Framework, by contrast, supports no coordinate mapping. That means that, on handheld devices, application software that wants to scale, scroll, or rotate must handle the arithmetic itself because neither the .NET Compact Framework nor the underlying operating system provides any coordinate transformation helpers. What the .NET Compact Framework provides, as far as coordinates go, is actually the same thing that the underlying Windows CE system provides: pixels, more pixels, and only pixels.