Honestly, I'll be glad once this news becomes official. It's way overdue. Windows Phone is running as a joke in most parts of the internet/world. It's time to bury it while it still has a shred of dignity.
Once everyone has had a couple years to move on MS can take a stab at things again, after the stink of the WP era has wafted away. Maybe they'll even just converge ARM based devices into more mobile, portable ones as time goes on. It's the sort of Trojan horse method most of us are expecting anyhow.
Either way, people will need time to heal. The passion in these forums is real. People are STILL suggesting Windows Phones to friends and family. It's a mistake, well intentioned or not. With that kind of fire in the veins I don't want to see what the fallout is going to look like once this is offical. But regardless of the fans feelings the band-aid approach is the best anyone can expect at this point. Rip it off as quick as possible, let them deal with the emotional fallout, let them move on, and then try to win them back later. Provide what was promised up-front instead of dragging fans through the mud for years on end. Respect them. It's the only way Windows will find their way into mobile ever again.