One of Microsoft's documents about the acquisition calls out that it is getting the Asha brand and a 10-year license to the Nokia brand for feature phones, so I expect that line will stay for now.
I wonder if the Asha design will go from Meego-like with Nokia squircles to a Metro-like square theme? I personally love my Asha 501, but wouldn't want a WP8-light version.
Also, will they "upgrade" Nokia Xpress's (proxy browser) backend to use the IE engine in place of Gecko?
