After months of silence and endless speculation, it looks like we're finally starting to get a peek at what Microsoft is doing with Windows Mobile. As always, the best coverage can be had over at WMExperts, where we learn the following:

First, it's not Windows Mobile 7 but just "Seven," so that's how we're going to refer to the OS from now on. Also the phrase "Microsoft Zune Phone Experience" may be tossed around.

Second, we are hearing there will be two versions: Business edition and Media edition — those aren't necessarily the names we'll see them launch with, just different branches of development. We believe this partially explains some of the seemingly contradictory rumors about release dates, as they are not on the same release track.

Windows Phone Seven Business edition (BE) is the version that is nearest in completion, but one we might not see bare naked. It's a more stripped down version of Seven and while it can still do media, it has less thrill than the Media edition (see below).

Windows Phone Seven Media edition (ME) is the big kahuna. The one that Microsoft is really banking on. The one that is not yet nearly as complete, and, yes, if there was one we probably won't have in our hands till 2011, it's this version.

Windows Sensor and Location Platform 'Orion' is a cloud-based assisted GPS system that is supposed to dramatically increase initial location-lock performance. This will guarantee rapid GPS performance across all future Seven devices, regardless of carrier support.

Hardware: The first Seven device that is expected to launch is the LG "Apollo." To us, it sounds like something in the same class as the just announced LG GW990. Make no mistake about LG — it is a big player with Microsoft, having a team in Redmond working with it directly, releasing the first Snapdragon/pico projector/finger print scanner device in the U.S (eXpo) — LG is playing for keeps ... The HTC 'Obsession' is the device we have a better chance at seeing at Mobile World Congress, as the LG device is still going through some development pains. Think of the Obsession as a slightly smaller HD2.

There is a lot more in the original blog post. Be sure to read it all.

I'm getting even more excited about Windows Mobile 7 now. This could be very good, indeed.