Spent the afternoon checking out the iPhone 4.0 announcement at TiBP.com, and a few upgrades have been, erm, "borrowed" from Windows Phone 7, it appears. Basically, the iPhone's new multitasking works in much the same way, saving an app's state before hopping out of it and into another one. Hardly revolutionary, Apple.
One thing we are a little jealous of, however, is the ability to sync with multiple Exchange accounts. That's something Windows Mobile never managed to so, and Palm finally managed to do it with the Pre. So there's one with have to give to Cupertino. There's also improved enterprise (read: business) support. We'd expect Microsoft to be on the forefront of that, too, with Windows Phone 7, given that depth of Exchange in business. So, no biggie there.
All in all, an interesting show, but nothing to make us really worry about Windows Phone 7 being dead before it gets off the ground.
Update: Oh, and how did we forget this: Folders?!?!? Really, Apple? That's so Windows Mobile 5. And "intelligent naming"? What does that even mean?