Lots of people speculating on whether the Nokia/Microsoft move will succeed. Why not? This is a joint venture between two companies. One has some decent technology, but is confused about its direction, doesn't really understand modern consumers and is slow to execute. The other company has some decent technology, but is confused about its direction, doesn't really understand modern consumers and is slow to execute.
Nokia has taken a risk, but they seemed to be getting nowhere and at least they've done something interesting. It's a huge admission of defeat, an admission made when Elop was appointed, I guess. I think Nokia's crazy; they can't come back from this decision. They won't earn the margins to support a next gen OS now.
It looks like Microsoft hasn't taken a risk; at least no one is focusing on it. But where does this leave HTC, Samsung etc, who now lose almost any incentive to push the Microsoft OS? Nokia will now push really hard on the hardware side. Android probably wins out of this, because surely this will slow the pipeline of new Windows Phone 7 products from the Android manufacturers.
Meanwhile Microsoft will still have to decide if they are competing with Blackberry, or Android/Apple.