We explore the properties of 24 field early-type galaxies at 0.20<z<0.75 down to M_B<=-19.30 in a sample extracted from the FORS Deep Field and the William Herschel Deep Field. High S/N intermediate-resolution VLT spectroscopy was complemented by deep high-resolution HST/ACS imaging and additional ground-based multi-band photometry. To clarify the low level of star formation (SF) detected in some galaxies, we identify the amount of AGN activity in our sample using archive data of Chandra and XMM-Newton X-ray surveys. The B and K-band Faber-Jackson relations and the Fundamental Plane display a moderate evolution for the field early-type galaxies. Lenticular (S0) galaxies feature on average a stronger luminosity evolution and bluer rest-frame colours which can be explained that they comprise more diverse stellar populations compared to elliptical galaxies. The evolution of the FP can be interpreted as an average change in the dynamical mass-to-light ratio of our galaxies as <Delta log{(M/L_B)}/z>=-0.74pm0.08. The M/L evolution of these field galaxies suggests a continuous mass assembly of field early-type galaxies during the last 5 Gyr, that gets support by recent studies of field galaxies up to z~1. Independent evidence for recent SF activity is provided by spectroscopic (OII em., Hdelta) and photometric (rest-frame colors) diagnostics. Based on the Hdelta absorption feature we detect a weak residual SF for galaxies that accounts for 5%-10% in the total stellar mass of these galaxies. The co-evolution in the luminosity and mass of our galaxies favours a downsizing formation process. We find some evidence that our galaxies experienced a period of SF quenching, possible triggered by AGN activity that is in good agreement with recent results on both observational and theoretical side. (abridged)
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