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Microsoft today takes the wrappers off their latest generation of mobile software and services, and our good friend George Ponder from sibling site gives us the details in his complete Windows Mobile 6.5 review. The pre-amble sums things up well from an iPhone point of view:

For some, the launch of Windows Mobile 6.5 may very well be a non-event. But it marks the beginning of a journey for Windows Mobile and a new approach to mobile computing with the Windows Phone.

Rumor has it even Microsoft doesn't believe WinMo 6.5 is competitive with the iPhone -- that's be next year's Windows Mobile 7, which even Steve Ballmer thinks is way late to the party. It's a refresh of a refresh of a refresh. But it does show which direction Microsoft is going, and how the "one OS, multiple handset vendors" strategy is shaping up or them.

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Along with Windows Mobile 6.5, Microsoft is also launching Windows Marketplace for Mobile (think App Store) and upgrading the My Phone online service (think Mobile Me but with a different focus).

WMExperts will be live-blogging all the Windows Mobile 6.5 festivities starting at 10am EDT, so head on over there if you want to join in the fun.