Just dumb. In my humble opinion

Windows Phone 7: Arriving Late to the Smartphone Buffet | ZDNet

Microsoft has shown up late once or twice before and done OK. Think of Word, Excel, and Internet Explorer. Businesses still trust MS and most still use Exchange server and Outlook for email. Might this give MS an in and possibly a leg up? I use Google docs and Office, but most companies are still hooked on Office. MS can leverage this also into mobile. Never mind that only a small minority of all cell phones are smart phones so most of the market is up for grabs. Hopefully MS maintains sufficient control and fights the carriers to eliminate bloatware, which will distinguish it from Google's open (read ruin-able) Android.