I am listening in on the conference call right now, but Nokia has already posted the press release regarding the partnership and announcement. As you can read, this is quite a huge agreement that will bring Office Mobile and other Microsoft products to Nokia smartphones, such as Microsoft Office Communicator. The Eseries will be the first product line to integrate the Microsoft products, which makes sense since the Eseries is targeted to the business user.
It is an interesting partnership as Microsoft is also a player in the smartphone space. I guess they acknowledge that Nokia is clearly the market leader and it is worth it to go after this huge market share while still supporting their Windows Mobile products. I don't think this partnership will have much of an impact on Windows Mobile because WM is still much more prevalent across all US carriers while Nokia has very little influence in the US. This is just a way to make the Office and Microsoft experience easier and more functional across platforms.
With the rising iPhone market share, I wonder if Microsoft will try to work out a partnership with them and RIM as well to get Microsoft Office and communicator products across all mobile smartphones. The Nokia representative stated on the call that this probably will effect RIM more than Apple because of the enterprise nature of the partnership.