What happens if this generation doesn't land?

From all the reviews and videos I've watched the latest batch of WP8 devices seem to be very good and if Microsoft is to be believed anyone who buys one should have no app complaints.

However it's well documented that Windows Phone has struggled to break into the public consciousness so what happens if the 920/WP8X continue this trend, even with the aggressive pricing?

Will anyone take Microsoft/Windows Phone seriously if they have to relaunch their mobile offering for the fourth time in 3 years? (Window Phone 7/7.5/8/Future Windows Phone)