Does NETMF have PowerShell suppport?
If so, can we run PowerShell commandlets on FEZ Cobra II?
Welcome to the forum.
NETMF is not a classical OS. It does not have a command line interface or something like cmd.exe.
So, something like PowerShell is not applicable or supported.
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What Mike said does not mean that it can’t be implemented.
But you would need to implement the transport (TCP/IP, Serial, …) and the commands by your self.
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I believe Mike has done something very close. You can even run vb scripts in his implementation 
In the timesharing system I implemented, there was a command line interface, and a Basic program can be run. (Thom@ Skewworks did the Basic package).
Given enough time and effort, within the resource limitations of the board, almost anything can be done. ;D