Just a FYI, it seems to work with monoxna if you hack out the XNA references in the csproj files.
http://code.google.com/p/monoxna/Mind you, I compiled a 'lite' version monoxna with just the classes needed for bullet-xna.
I've put in a few bug reports on the google code page.
Issue 1:Collision with the HeightfieldTerrainShape and CapsuleShapeZ objects never clears,
Issue 2:Missing GImpactMeshShape and GImpactCollisionAlgorithm,
Issue 3:CollisionObject missing function "Vector3 GetInterpolationLinearVelocity(void)"
I also supplied a patch to issue 3.
(FYI)I wrote an Object Oriented C# binding to the native bullet ages ago based on the bullet API that had most things implemented but it was extremely tough to use in C# because it implemented IDisposable. I'm using the programs that I wrote with that to compare against BulletXNA.