Could Microsoft give Apple a good fight after buying Nokia?

Microsoft now stands as only the 3rd major (please don't forget to read the word "major" here) company in the world to manufacture the hardware for its mobile OS (Apple and Blackberry being the others).

Being an Apple consumer, I've felt that nothing beats a product that is built 100% by one company. The communication between the departments and design process are far better than having to borrow tech from other companies.

I know people will use Blackberry as an example of this case not working for one company, however Microsoft isn't just another company. They're a powerhouse with a lot of capital and supreme stability. They have the muscle Blackberry is missing as well as, what seems to be, a strong dedication to this market ($7.2 Billion shows how serious Microsoft is). Could Microsoft really be in line to create a true competitor to the iPhone in terms of build quality both in hardware and software now that everything is under their control?

What do you think?