As long as I don't have to buy Sony Everything to use the thing (it had better take MicroSD cards instead of Memory Sticks) and install Sony Everything (that is, needing to install Sony Crap on every computer I plug this thing into), I think they might just have a winner on their hands.
It would especially be interesting if they incorporated a UMD into the phone, but I don't think that will happen.
As long as it doesn't have a terrible interface and is rootable, then I'm all for it.