The big difference here is that it's a different market now. You can't justify WP7 missing features because the iPhone didn't have them or had even less when it first came out. When the iPhone came out the market was much less crowded. The bar has been raised several times since that day. When presented with current day phones consumers will pick the one that suites them best (or is most flashy ). No one is going to cut Microsoft a break here.
That said I agree with Paul's analysis and hope that Microsoft adopt a more agile approach to their updates. One big difference between the Windows updates and these updates is that they should come with new features and functionality so the use understands and accepts why there are so many.