On Friday, Nokia and Microsoft held a press conference to announce a new partnership. It's well known that while Nokia is still the top handset maker worldwide, their main business is at the low and medium end. Their high-end smartphones have had a difficult road lately, especially in the US. Both Android and the iPhone are eating their lunch. After following a failing strategy with Symbian and MeeGo, now Nokia has decided to partner with Microsoft for their upcoming phones. In the announcement, they revealed that this is a broad strategic initiative to make Windows Phone 7 the main smartphone platform for Nokia. They also said a new leadership team would be leading this at the company. It's clear that both companies will benefit from this partnership, but it remains to be seen if it will be enough to compete with the two current market leaders.