We just snagged some more hands-on time with Windows Phone 7 Series (can we just call it WP7 yet?). Don't pay attention to the hardware or even the occasional slowdown. The hardware is just a dev unit and not what we'll see. The software has plenty of time to simmer a bit before it's pre-holiday 2010 release date.
What you should pay attention to is the fluidity of the interface and how nice it is that the device can pull in from multiple sources to multiple places. Instead of thinking "I want to go to facebook to look at pictures from my friend," you just open the Pictures hub. Hubs and not apps.
Also, looks like there's at least one unannounced feature here - some sort of voice search. About 2:20 in the video (which is after the break, by the way), the voice search pops up and, well, isn't quite ready for prime time. We're ready for it, though, and here's to hoping it's ready by launch.
(YouTube is still trying to encode the sucker, so come on back in 20 if it looks poor)