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Microsoft unveiled their new mobile OS, Windows Phone 7 Series. Outside of the classically bad microsoft naming, pretty much everybody who saw it was impressed. I haven't seen such positive buzz about a Microsoft product ever. This is good for everyone, as competition drives innovation. Three competitors is better for consumers than only two.
On the mobile browser front it will be the only OS that matters that isn't using a WebKit based browser. And in addition, like both WebKit and mobile FireFox, the mobile Windows Phone 7 Series browser (based on Internet Explorer) won't have Flash support at launch. It's just too resource intensive for mobile devices. Adobe is in danger of losing their incredible advantage with Flash as we move from a desktop to mobile computing world.