Microsoft OS on a smart phone - yuck!
I have used CE devices before and I have not had good luck.
You info is woefully out of date, Windows Phone is nothing like the old Windows Mobile. It is fantastic in every regard except a persistent gap in the number of applications compared to iPhone and Android. Unlike Windows, it has a very vocal crowd of users that switched to it from Apple/android and love it.
It remains to be seen what the Windows 10 Phone will be like, though. I worry that a lot of what made Windows Phone so good (very efficient,, great UI, and fast updates due to a solid code base) will get lost. The reason Microsoft is doing this is an attempt to address the app gap. Developers will be able to write one app that can be compiled tomgenerate apps that run on both desktop windows and phone.