This is what elop said about meego at the Uplinq conference:

We also had a second effort underway and that was an assessment of MeeGo. We had a lot of good work, a lot of innovation that had taken place around the MeeGo platform. But what we assessed was that we could not create a portfolio of devices, covering a full range of price points, fast enough with MeeGo, in order to respond to the competitive threats that we were facing. Because it is the case, in this marketplace, that a company like Nokia, certainly serving the high end, but also all the way down the price point ladder, in regions all around the world, that is the nature of our global position... While MeeGo helped us at the high end, we couldn't see it coming down fast enough, in order to help us solve all of our problems.