What if?
Since none of us were at these meetings prior to the announcement, consider this possibility...
Microsoft, who envies Apple and the iPhone, goes into talks with Nokia. When everything is said and done, Nokia will be the sole WP7 phone manufacturer. They will call it the wPhone, manufactured by Nokia exclusively. In addition, Nokia will also become the sole manufacturer of the Zune, and possibly a future wPad. Microsoft will have their version of the "iPhone" somewhere in 2012 manufactured by Nokia.
It's possible that Microsoft might purchase Nokia outright down the road.
Food for thought :)