are counting io10 like LED since it is Piezo hardware also.
Some more interesting detail
From the EMX User Manual.PDF
-The features mention that there are : 39 interrupts
-On the pin out data all interrupt capable I/O are marked with a * : 42 Stars are marked
Looking at the LPC2478 data sheet
-Total possible I/O : 160
-Port 0 and Port 2 pins that are not configured as an analog I/O can be programmed to generate an interrupt on rising edge, falling edge or both. Total Interrupt capable pins : 64
-32 Vectored interrupts
I am sure that a bunch of these pins are going to be used for dedicated on board peripheals or connectors (LCD, SD Card, buttons, LCD…)
and the list goes on … enough to kick the pants off any other platform (managed code RLP, network, LCD capable… my head kinda spins)
To answer the question of why I looked at the FEZ-Cobra DLL using object browse - one of the FEZ starter videos tells us that there is no need to remember the pins on the device or lookup datasheets becos the pins can be discovered right inside the Visual Studio IDE (something to this effect)
Further the release notes of the latest SDK clearly shows that FEZ-Cobra is built on EMX.
-Rajesh
Total I/O removing buttons and led analog + digital = 48
Total I/O including buttons and led analog + digital = 52
9 P0.25 IO6* ADC2/COM4 ADC2 (10Bit Analog to Digital Input) or Serial port (UART) TXD transmit signal (Out) for COM4.
10 P0.26 IO7* ADC3/ DAC/COM4ADC3 (10Bit Analog to Digital Input) or DAC (Digital to Analog
31 P0.12 IO45* ADC6 ADC6 (10Bit Analog to Digital Input).
32 P0.13 IO46* ADC7 ADC7 (10Bit Analog to Digital Input).
33 P1.31 IO47 ADC5 ADC5 (10Bit Analog to Digital Input)
5 analog
6 pwm
31 interupts
Checked again with visual studio… (checking pins) found the same again…
For the inputs:
51 inputs (digital)
5 inputs (analog)
Total: 56 inputs
LED not counted.
Found with Visual Studio (Adding components and checking pins with and without components)
FEZ_Pin.AnalogIn;
FEZ_Pin.AnalogOut;
FEZ_Pin.Digital;
FEZ_Pin.Interrupt;
FEZ_Pin.PWM;
Good luck Foekie…
I am done following a moving target.
True… I have no idea either… we were both right, but still wrong… 
First of all, you need to either view the Cobra assembly in the object browser or you can simply start wring code and VS will list the pins for you!
“cypher” was the first one to do that but his answer was wrong. He counted the LED with PWM but didn’t count LED whit digital. He could have counted or not counted the LED and the answer is correct but he did count in one place but not the other!
The next close answer is from “rajesh”. He was very clear about the LED but then he listed analog pins as 6. They are in fact only 5 where one of the pin can be AIN or AOUT. Same for the next answer from “foekie”. There is 5 analog pins not 6.
“bstag” came back with a list of what is in the assembly. He was right about the analog pin but then there is another thing wrong! It was the buttons. Those buttons are shared with IOs. If you tried to print out the value of the button you will notice that it is already listed in the IOs. For example, IO0 is actually ButtonDown. Why did we do that? Because it makes life easier 
It is up to you to use ButtonDown or IO0. They both labeled on the circuit board so it is easy to find out if you have FEZ Cobra.
So, everyone got it very very close and it is very difficult to say who is the winner! We would love to just send you all FEZ Cobra but currently we only have very few precious samples.
Let us try this, please send us an email showing what you have done done with FEZ Domino or FEZ Mini and we will send the FEZ Cobra to the person who used FEZ best/most.
One of the reasons behind giving away these free FEZ Cobras is that we are using you to verify everything is perfect for production. Which means if you are not going to really use FEZ Cobra intensively then we wouldn’t able to reach the goal.
Send an email to ghielec at ghielectronics and describe what you want to use FEZ Cobra in, what devices from GHI you already own and what kind of experience you have in programming and embedded systems. If you have a project on the project website then link us to it please…if you have some pictures of what you have done then send them please.
Only 4 users qualify fro this (the one who participated and got close answers)
Foekie
bstag
Rajesh
cypher
If we can get you a cobra now then we maybe able to get you something when we have more units 
No promises are made…
busy 48 hours and look what slides past ! Oh well. still waiting to see how to buy one of these suckers Hurry up guys and work with the samples, and good luck to the four who now get to battle things out in email
Sent you an email Chimp, could you please check it? Thanks.
We have it, thanks
For the four users who were offered this opportunity, note that if we do not receive an email by Monday then we will assume you are no longer interested in FEZ Cobra so please send it ASAP.
Hmmm. I did send you an email yesterday - hope you got it.
We only received project details from Bstag. Did you use the company email Company – GHI Electronics
I did send it to the Company email.
Does your filter move email with links to spam ?
Thanks
-Rajesh
We do not have spam filters, only human filters
Please try again
Nice one !
I sent it again using “text” format.
Hope you get it !
-Rajesh
Actually, we have received the first email but you didn’t direct it to “Chimpanzee” so the guys didn’t know where to forward the email. Now I have 2 emails from you
My Bad.
Anyways AllzWell that ends well.
Foekie and cypher, can you please send the email ASAP if you are interested?
Sure. Will post it today or tomorrow.
I sent an email few seconds ago
I’m very interested to get a board.
So I can check the board , if it’s user firendly and noob resistance 
Just sent you an email. Let me know If you received it.
Thanks.