Why hasn't someone captured the Feature Phone Market?

This is an honest question.

Why hasn't an OEM released a nice feature phone with WiFi, non-antiquated OS, capacitive touch screen, etc. yet?

I've thought this over a few times, and I could see one being the gateway phone to the smartphone world where carriers charge ridiculous rates for data, texts and the lot.

Microsoft came the closest when they released their Kin phones as feature phones, but that was just to empty their supply.

I know a device wouldn't really be suitable for us (tech-oriented readers) but I know a ton more people carrying around old beat up Envy, Rumors, Sanyo texting phones, why not make a nice device?

Before the smartphone market blew up it was all about who had the best keyboard, and that market was quite easily captured. Now it's all about applications and being connected. Something feature phones barely do currently. A single manufacturer could release a nice phone without 3G/4G running a skinned version of Android (ala Kindle Fire) and capture a whole lot of marketshare.

Thoughts?