Why does wp8 even exist?

The one thing I kept coming back to during the wp8 stream was how this was a "poor mans" winRT. WinRT does almost everything better than wp8. Apps between winRT and win8 will be universal and no added cost, Side by Side Multitasking, Flash Support, Syncing Settings, App Contracts, etc.

A 4 or 5 inch surface with 3g/lte is the device I really want (and leverage voip/skype).