MS has taken on iPhone and Android with the Win Mobile 7, and I think it has a good chance of winning this war. Why? Android is at a clear disadvantage with respect to hardware and overall build quality. iPhone loses out on its OS being non multi-tasking, which means that you might have great graphics, but only one application at a time! And as far as applications are concerned, other than the typical social networking stuff, I sincerely believe you only need a good browser.
Add the tight controls MS puts on hardware interfaces and integrations, its OS, its marketing dollars, and its excellent understanding of what makes customers tick, I think Win Mobile 7 has a great chance of winning the mobile war.
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