In an article looking at the recenelty released Windows Phone 7.5 Bloomberg describes the platform as a "more polished and potent contender" than the first release. Rich Jaroslovsky, the author of the piece, goes on to highlight App Connect, the new feature that suggests useful application when carrying out a Bing Internet search. In terms of missing features Jaroslovsky mentioned the absence of multi-core chips and LTE support.
Here's Bloomberg's conclusion:
Microsoft still has a long way to go to catch up with Apple and Google, and as this week’s announcement of the latest iPhone illustrates, they’re hardly standing still. Windows Phone 7.5, though, at least confirms that Microsoft is pointed in the right direction.