Though I think the name is a really poor choice, I'm impressed with their direction and I think they will hash out an ideal existence between iOS and Android. iOS being too closed, Android being too open, and Windows Phone 7 being juuuust right. Their biggest endorsement of this is the improved use of notifications over iOS -- iOS's achilles heal, in my opinion.
They might actually get something right for a change, only time will tell.
[as a side note, I have to acknowledge that XBox being integrated into Windows Phone 7 means we've taken another step closer to the world of Snowcrash. Kind of the same step we're taking with iOS and AppleTV.]