I'd say that it's significant as well.

The gaming market is huge, and it seems to be spilling over in the moblie phone market. As I understand it, games represent the largest revenue driver in Apple's App Store. Sony has a distinct opportunity to one-up the competition in terms of sheer volume (PSX + PSP) and quality (eg. chrono cross) of games, especially if these games are made available to other devices. As these titles will likely be emulated, there's no need for developers to change their workflow or tools, and official support means simple access for casual users -- unlike current emulators that require ROM/BIOS downloads. Android would be the premier mobile gaming OS overnight.

It's about time that gaming companies started to take emulators more seriously.

Microsoft is also not sitting back, looking for ways to offer cross-platform development with its popular 3D framework. At the very least, they seem to be taking gaming very seriously for Windows Phone 7.

I'm having a hard time seeing the relevance of Nokia in the high-end smartphone space. They are already behind with the release of MeeGo, and I doubt that they will be able to convince developers to adopt QT en mass for mobile apps and additionally to offer a compelling gaming platform. Lastly when their handsets are beside Android3, iOS4 and WP7 devices on the shelf, it will be hard to take them seriously, though the specs may be comparable.

I'm not going to speculate what Nokia "should do", but I would be surprised if they have a breakthrough product with MeeGo. It seems that the competition is moving faster than their efforts to catch up. As Android begins to leak into the low-cost phone space (v2.x devices), Nokia's position is threatened.