Windows Phone 7 represents Microsoft’s next best hope for regaining its market share in the highly competitive smartphone space, after several quarters of decline in the face of fierce competition from the likes of the Apple iPhone and Google Android. Windows Phone 7 takes a different approach than those platforms, consolidating its Web apps and content into a series of subject-specific "Hubs" such as "Office" and "People." Microsoft will launch Windows Phone 7 during an Oct. 11 event in New York City. Once the first smartphones with Windows Phone 7 hit the street in coming weeks, users will immediately notice the platform lacks some key features. Among them: Adobe Flash support, a cut-and-paste function, tethering and multitasking. Microsoft has promised that some of these will come later. Along with those, however, Microsoft has also cut some regularly complaint-worthy features that had lingered in its Mobile versions: With the new, user-friendly touch interface, say hello to no more stylus.  Microsoft hopes that, certain lacking features aside, users will attach to the early version of Windows Phone 7 and allow the company to again make headway in the mobile space. – …