I don't beleive it is behind the competition. To claim that Nokia has missed an opportunity, is to miss the point of what they've tried to do here...
Nokia made a decision to move to WP7, and with time against them, they had to act fast, so with the Lumia 800 they basically took an already shipping product (the N9) and adapted it for WP7.
Certain features didn't make the cut. No FFC? Well, there's no video calling yet, and if they'd implemented it by themselves they have had to spend more time creating some sort of Nokia version of video calling. Storage? Well, I can only speculate that they were trying to keep costs down.
If Nokia had started from scratch and brought a completely new design to market, with all the features you mentioned, then they wouldn't have been able to launch in /any/ market until (my guess) second quarter 2012.
This is just an opening gambit from Nokia, and is the best they could have done in the timescale. To declare it a fail is to miss the point - it's about getting the ball rolling with WP7 as early as possible - and that's a definate win.
We can expect more from Nokia in the future. They'll be releasing a whole range of different devices - including at the top end. I fully expect those devices to feature some of the hardware you've mentioned, and it won't be 'too late', because Nokia will have already done the groundwork with the Lumias.