Nokia have a lot of innovations under wraps, a lot of which are way before their time.
For example. 5 years ago it was revealed that they have power systems in development that could charge a phone via sunlight, without the use of a bulky solar panel. They had a device that could stay on standby for months, just by using passive radio waves given off by other objects (TVs, computers, other antennas etc). They were working alongside a company in Cambridge UK for these projects. That's where all the R&D has been IMO.

I believe Nokia have the hardware to survive, they've just sat on their haunches for too long with Symbian and they haven't got a clue which way to go now.
Personally, I think they should stay the course with MeeGo adopt another O/S as a stop-gap and use that as the bread and butter while they bring MeeGo up to scratch. TBH I don't think they should have dumped Maemo so soon, there's too much potential in it that hasn't yet been realized.