During the Mobile World Congress The Unwired View sat down with Microsoft's corporate vice president of the Mobile Communications Group, Todd Warren. They discussed the XPERIA and also, somewhat excitingly, the multimedia and usability updates we can expect to come to Windows Mobile.
Warren:
we are also working on improving the base of media and picture experiences as part of Windows Mobile. You can expect, I would say, pretty dramatic changes to those in future versions of the product.
Really, though, head over and read the article. Good stuff on Zune integration, improvements to the Touch interface, and collaboration with HTC on making WM integrate better with HTC's TouchFLO

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Can't wait! No doubt all these wonderful promiseware will ship right after Cairo, Longhorn Final (with WinFS!), and The Social! Good to know, absent HD-DVD, that WMV can still be shoehorned in somewhere!
(Note to MS: Talking big about being relevant in the nebulous future (much less nebulous feature parity with other companies already shipped past products) hasn't really been working for you. Just send Ozzie out at the next CES with a killer, ready-to-ship, product already. Make Scoble cry again like you did with the World Wide Telescope. Now that's a good Miscrosoft!)