From what i understand
Microsoft recently released a street view as well called 'streetside'
They've already got one done for 56 major US towns, i think streetside is the european version, this is most likely what nokia is working on/releasing. Great opportunity for nokia if it's true, microsoft fund it all, nokia does the work, both firms have access to US and Europe, however if it's on a .NET framework, microsoft benefit as it will only be available on windows phone, exclusive to microsoft. a stab in the back at google street view and nokias ovi maps 3D at the same time.

link to the article is here
www.bbc.co.uk/news/technology-13047454

Edit: Information on Streetside can be found here
http://www.microsoft.com/maps/en-GB/streetside.aspx
scroll down to see a list of expandable and collapsable FAQ. Bear in mind this page will be bias.