What to expect from a Microsoft Lumia Phone, and when?

So Apple just finished showing it's iPhones 5C and 5S - and to be brutally honest - they do pack some innovation. Apple users tend to buy them even when they don't innovate so it can be easily assumed that these ones are gonna sell like hotcakes.

Now that Microsoft owns Nokia, and has to some extent the same seamless ability to integrate hardware and software as Apple has historically always had, what do you expect from Microsoft's first home-made Windows Phone. Name? Design? Specs? Features?

And an even more important question, when will it launch? Anytime 2014? I hope so because Microsoft's ambitious goals for 2018 are getting difficult by every day that passes. Personally, I'd love to see a Microsoft Windows Phone that runs WP 8.1 on a Full HD 4.7 inch screen, has a quad core processor and Pureview Camera, but with Nokia ProCam and other softwares baked into the OS. And yes, I'd call it just that - Microsoft Windows Phone.

I think they should stop giving out Windows Phone to other OEMs and have a tight grip over what they're doing. What do you think?