Microsoft needs to seriously commit more devs to inhouse Windows Phone software and generally adapt to growing consumer demand for hot new gadgets on almost half-yearly basis.
The platform as is fails to be lucrative and hence attract one man/small dev teams and web-giants alike to create top notch software, well pointed out in Joashua's review is that some major apps have not been updated since late 2010. This is the burden of being substantially late to the game and lacking behind on hardware support, if Microsoft wishes to have a bright future in the consumer market, especially on ultra-mobile devices I believe that they should open and if they already do then increase this effort threefold an in-house development initiative that basically creates top notch integrated and especially non-integrated Apps that are being neglected for the major web-platforms and their API's, in addition to getting their game studios to truly focus on Windows Phone and port some hits like HALO, Gear of War, Age of Empires etc. all made into viable mobile versions.
If Microsoft wishes to realize the new mantra of "First and Best on Windows" then they should seriously speed up update cycle and OS hardware/driver division to enable Windows Phone to take advantage of hardware like on the One X/S phones. Although I think the Windows Phone UI is a beautiful and integrated experience and I can see that Microsoft wanted to chase and overtake Apple on simplicity/ease of use and looks to have succeeded, but I think went a little too extreme in this direction and this also works against their "information at a glance" experience that they are aiming for with live tiles. Truly there's hardly much more information on the tiles than can be found on basic icons/alerts. It's too late now to go the way of Android (Which is ironically more analogous to traditional Windows than Windows Phone :) ) so I think Microsoft should seriously work on making the tiles more dynamic and widget like. Lastly it's obvious Ms is in it for the long haul, but I also suspect the company and its culture have grown accustomed to product cycles that span two years or more and the workflow process has not been changed accordingly to reflect the sudden surge of consumer demand for cheaper hot new gadgets and software on almost half-yearly basis.