I've been enthusiastic about Nokia for a long time but I think the market has changed. The iPhone was not what made me think "Apple is going to wipe out Nokia". But Google might be the one that is a threat for both of them.
Why? Because I checked Ovi again today and when I signed into the mailbox I just thought "This is just another lame service provider like hotmail or Yahoo who clearly has nothing in the pipeline to be anywhere close to Google's innovative products". The only innovator is Google. It's about speed, simple but intuitive and clean design. In 5 years I see Google as an Application Service Provider users will connect to using their mobile device or PC running a Google OS. Google is a highly profitable company so they do have a lot of cash to invest in Operating Systems for any kind of device. Google has what Nokia wants to offer through Ovi. Just better and proven! Picasa, Google Earth and Gmail. Additionally they have their search engine and soon a OS for PC's.
So I'm not sure about Nokia anymore. A cheap phone maker. That's it. And that's what they will be in the future. But that might not be enough!