Does Qt support S40 hand sets?
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No, S40 is not supported.
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Yes, it is a bit sad specially because the upcoming "X3-02":http://www.forum.nokia.com/Devices/Device_specifications/X3-02/ seems to be a nice device.
In "Nokia Software Strategy WhitePaper":http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjQxMzB8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1 from the end of 2009, only Java me is mentioned for S40 development.