This is a post originally started as an answer in Stack overflow.
Jonas Follesoe’s cross platform development talk: Has to be the most comprehensive resource out there at the moment. He talks about how best to share code and resources, abstract out much of the UI and UX differences, shows viable reusable usage of MVVM across platforms and nice techniques for putting together an almost automated build. (yes, that includes a way for you to compile you monotouch stuff on Visual Studio) Best of all he has a available source code for the finished product and for a number of the major component individually placed in its own workshop project and a 50 + page pdf detailing the steps to do so.FlightsNorway on github .
IMO the only thing missing is how best to handle local data storage across all platforms. In which case I would direct you to Vici Cool Storage an ORM that can work with WP7, MonoTouch and (while not officially supported) MonoDroid.