Microsoft may have made a deal with the ChevronWP7 team, but that doesn't mean homebrew is dead on WP7. As more power users get their hands on the platform, it is inevitable that homebrew applications will take off for the platform.
Despite what Microsoft may have agreed to with ChevronWP7, Tom Hounsell has gotten IRC to work on Microsoft's latest mobile platform. He used the recently pulled ChevronWP7 tool to sideload the application to his device.
As the platform becomes more popular, we can expect to see more features brought to the WP7 platform that Microsoft didn't include. It is always important to note, that unlocking your phone is done at the risk of the user, and may void a warranty and potentially brick their device. As the homebrew community for WP7 is still in its infancy, widespread support is not as available as it is for the Android or iOS platforms.
Thanks for the tip Tamake