Along with details like improved physics from 'Sonic 4 Ep 1' the big news for the mobile version is this shared gameplay feature. Transcribing from the video:
...[the two platforms are] going to be able to work in tandem in ways that are really completely new, so when you pick up the Windows Mobile 7 you be able to play Sonic Episode 2, save it, stop, boot up your 360 and pick up right where you left off.
The big question? Will you get a discount when you buy the Xbox 360 and the Windows Phone version? We'll find out when the titles are released during May this year.