While I used to be a very passionate MS fan and understand the views of the people who would like to see Win32 apps running on handheld devices and having W10 handsets, I must say that in my humble opinion it does not make sense to me. As already pointed out in this thread, Win32 is a very old framework and is not very touch-friendly, as Win32 apps are meant to be used with a mouse, keyboard, and a monitor so I fail to see how that could be beneficial to anyone if it ran on a phone. I also think that powerful software, such as video editing software and 3D modeling, would run poorly on an arm-based machine if we were to run it in Continuum mode.
We also cannot just forget that Windows 10 Mobile was half-baked at its release and still is half-baked as we cannot see any significant changes MS had announced for RS1 and RS2 updates and that it's irreversible. Sure, there are issues with other OSes at launch dates too, but I highly doubt it that there were comparable issues present on any of competing mobile OSes so far. Yes, Ballmer did make some progress with WP8.1, but he was the one who was late to the party in the first place. We can't change that, we can't expect that Microsoft would invest in something that only cuts their profits. Look at Microsoft's stock value now - it's not high because Nadella would be doing a fantastic job, just because he cut loose stuff that made them losses, despite its importance. That's just how business works and as they don't care about consumers (and most importantly, don't have many consumers using W10M at all) they're free to do as they please. That's not me saying I support their philosophy or anything, it's just what's really going on over there and it does make sense to me. Apple can afford to support their consumers as their profit off of iPhone sales is gigantic and they have quite big user-base they cannot even afford to dump them if they were to be in the same position as Microsoft is in right now.
Bottom line - WP is not coming back in any form, I doubt there will be any Andromeda devices coming out at all and iOS and Android are the only viable options right now imho.