At the launch event held earlier, Microsoft showed a video clip demonstrating the features of the phone. They emphasised about their multitasking capability which is lacking on the iPhone.
In addition to that, Microsoft joins Apple, Android with a 4 point multitouch system on capactive touch screens for all its Windows Phone 7 series powered phones.
In the Q&A session, Microsoft is asked about its support Flash video on its handsets. The answer is No but they have no objections (unlike Apple) about having Adobe Flash to be run on its phones.
In another question about customised UI, Microsoft made it clear that the OS is extensible. Different handset makers customised their own UI due to competition, but Windows Phone 7 Series UI will be consistent for all vendors. ( I am just wondering will HTC abadon HTC sense for this) ?