Well that and the fact that with MeeGo, Nokia's fate was in Nokia's hands. Placing so much dependence on WP7 (since they're going to try and displace Symbian completely with it) places Nokia's fate entirely in Microsoft's hands.

If Elop has any sense of independence from Microsoft, he'll keep MeeGo in development and actually do periodic device releases just to keep Microsoft on their toes, but with how much leverage he's granted them it's unlikely.