It's a pretty sweet phone...
Engadget summed it up will in their coverage, they are nice phones, but nothing special. Still a bit behind the best from Apple and the Android camp.
The question is going to be can they bridge the gaps between WP7 and iOS / Android faster than iOS / Android can open new gaps.
What I do like about it from a marketing stand point is that the UI isn't a bunch of icons, they've at least tried to do something different which I think is to be commended.