They just got Mobile 6.5 out this past fall. I got the feeling they rushed that out the door to make way for this next version. MS has dropped way behind in the smartphone market in terms of innovation, and that's being reflected in their falling market share.
I still think win mobile is a better option for business users, but when it comes to consumer devices, they really do fall short. Office Mobile for example is the best office application available for mobile, but consumers don't generally want to carry spreadsheets around on their phone.