@DeathByVisualStudio: I think you're right, and that's probably part of the reason why Microsoft has been so slow to add features to WP7. They probably wanted to wait on some of the core features to be added to W8 on ARM first. Unfortunately, the WinRT/Metro application model itself seems to be "half-baked".
If you look back over the past 3 years, it seems like Zune HD was a beta test for Windows Phone 7, and Windows Phone 7 was a beta test for WinRT/Metro. But if Microsoft wants to unify all devices under one platform, I think Window Phone 8 will seem like a beta test again. Unless WinRT/Metro can mature rapidly enough feature-wise in the next few months, I think WP8 may still have to endure another period of seeming half-baked since it will have its wagon hitched to W8.