I was looking through some resources and found this interesting bit written by a Microsoft developer working for mobile. He written it for his personal use and he is kind enough to release it to the community.
Link : http://blogs.msdn.com/b/andypennell/archive/2010/11/01/error-reporting-on-windows-phone-7.aspx
What he really did was actually to call the methods he had written in Application_UnhandledException and RootFrame_NavigationFailed in App.xaml.cs and this code bit will actually send an email to the email you specific with the stack trace and the error.
Simple and useful!
Thanks Andy.