So it would be like the MS version of the Nexus with the Lumia 920 being the GS3 of WP8 phones.
I guess as long as an MS phone is only ever sold unlocked and mostly online (and maybe in MS stores) then it would just be the "reference" phone for geekier costumers.
We'll see.
As long as it's lighter than a 920 and looks at least as good as a Nokia it could end up being a nice device, if it exists but I doubt MS could just put out it's first ever phone and get everything as good as a company with such experience as Nokia. Of course from what we've seen, their first computer ever (Surface) looks like amazing hardware.