Here's a video of Microsoft demoing the latest build of Windows Phone 7 at the TechEd conference currently going on.
Cloud computing and enterprise was the focus of this session with Sharepoint, Office, Excel and Outlook being featured in this presentation. Overall, the UI is looking real smooth with some nice animations and transitions--in fact, it looks zippier than earlier demonstrations. While full document editing is not really plausible on a smartphone, they stress the importance and ease of document-commenting in WP7 and show off how that works. They do this by opening an email, then modifying an Excel document via Sharepoint.
Plus, that whole spell-correction/word prediction thing has this sorry-speller sold.
Check out the whole demo after the break, it's worth the few minutes.
[Thanks, wreiad, for the video & tip!]