Will Windows Phone 7 Save Microsoft's Mobile Plans?

"Windows Phone 7 is inching closer to market. Microsoft has sent the operating system for its brand of mobile phones to the labs of carriers for testing, as well as to developers of applications for the phones, which are expected to reach the market in time for holiday shoppers"

I personally don't think the timing is the biggest issue. I think they will hit their 2010 holiday season deadline. The question is, will it be ready? The iPhone is now three years old and on its 4th version. Android is approaching two years old and is nearing its third major release and has had half a dozen minor releases since the G1 on T-Mobile launched the platform in the US. Despite the name, this is really Windows Phone 1. Will it have what it takes to make a statement in the marketplace?