Microsoft Unveils WinMo 6.5, My Phone, and Marketplace via the Apple Blog (so they might be a bit biased). Short story is a tweaked (not completely new) Windows Mobile, a syncing solution a-la Mobile Me / Exchange called MyPhone and an app store type solution. Sadly while this is still a good step forward, MS (and pretty much everyone but Android based phones for that matter) are still playing catch up to the iPhone. Even the MS advocates such as Paul Thurrott have said this.
Now that said this isn't a bad thing. This forces other companies to innovate and push forward, and the people completely centered in the MS Mobile world still do get an upgrade, which is never a bad thing.