Publicity stunt and nothing else
I looked at the design by community polls early on and rapidly decided to ignore it. You can't make a single device please everybody - hence all the people that complain "pixels are too tiny", "nobody can see PenTile sub-pixels", "having a keyboard makes it too bulky", "anything beyond a 3210 is pointless", "I want a 5-inch screen" etc. Nokia didn't even start by getting people to define the type of phone they wanted to design. You can't make decisions on what screen, keyboard, material, keyboard, etc. are suitable without deciding it all at the same time - if everyone pulls in different directions and there's insufficient technical information available (W007 - let's build in a Playstation, that'd be kewl), it's unsurprising that you end up with a horrible mish-mash (which looks suspiciously like a Droid X).
As for Windows Mobile, even if it hadn't been dead-ended by the retrograde move to Phone 7, I can vouch for two WinMo phones that behave terribly. Maybe it was the manufacturers rather than the OS, but that can't be entirely it. My Portege G900 needed a BIOS flash so it wouldn't crash when you charged it, needed additional registry hacks, and it still crashes if there's too much blue in the frame if you take a photo. My Touch Pro 2 crashes when sending text messages, the GPS won't work, it no longer displays photos, takes three attempts to open a web browser and doesn't tell me I've got an SMS until I explicitly unsuspend it. Whatever Android's deficiencies, it's just not that slow or unstable, and I'd have jumped long ago if there'd been WVGA alternatives sooner; I can't imagine that Nokia will fine WinMo appealing at this stage. That said, I was considering an n900 right up until Nokia ruled out MeeGo as an official option.
There are plenty of things that I'd like to see in a phone. A decent, non-PenTile, screen resolution (720p at 4.4" perhaps, or XGA at 4"), preferably with a switchable 3D overlay; a picoprojector (854x480 would do, 720p would be better - with shutter-specs 3D support if the main screen doesn't have it); a Celluon-style laser keyboard; gesture recognition; a longitudinally-mounted camera lens so there's actually room for a decent one (okay, it can swivel if need be); a rim around the screen so it doesn't scratch when you put it down face-down (cats are the reason I don't put phones down face-up); enough memory to run a web browser properly; dual-boot Meemo/Android... Oh, and a touch-screen with haptic feedback (by which I mean configurable bumps, not a vibrator), but people have been trying to do that for years.
Phones are getting there - at least we've got WVGA (or more, if you can stand an iPhone), multi-touch, motion sensors, (some) 3D acceleration, (some) user ability to skin the thing and cope with a broken gui, Swype and some speech/text interchange support. A bit of polish and there might be something usable.
I agree about the Dolby, btw - but remember that the yoof of today seem to think of a phone as a media player that makes phone calls, whereas I think of one as a web browser that makes phone calls. Or I would, if my phone would browse the web or make phone calls properly. I wouldn't turn down HDMI or USB3 for interacting with other devices, though - the latter mainly for dumping some HD content on the phone in a hurry. (Of course, that's only useful if you actually put in an HD display, but resolution - the thing I care about most - seems to be missing from the spec list.)
Excuse my seething. I'd really like an opportunity to put a requests list to a phone manufacturer, but this Nokia publicity opportunity wasn't it.