Actually, Microsoft's XBox strategy so far has been lose billions and after ~10 years it is cash flow positive and a distant also ran. Heck, you could probably argue that the XBox beat the PS3, but just barely, and that is clearly damning with faint praise. What's more the console is clearly waning in importance. The growth market for games right now is handhelds and phones, and Microsoft isn't even an also ran in that category.
I am sure that if you asked *Nokia* what the Window's phone goals should be it would definitely argue that it expects Microsoft to be able to compete with both Android and iPhone. Nokia doesn't have five years and billions of dollars to waste screwing around. If they thought it was going to take Microsoft half a decade to become competitive then it would have probably thrown its hat into the Android ring. In fact, I would assure you that Microsoft's investors feel the same way. The last thing that they want is another XBox debacle where billions of their dollars are invested in a project that is unlikely to ever pay dividends.
Even now, it is hard for analysts and investors to take Microsoft's phone strategy seriously. The fact that Microsoft was able to trick Nokia into jumping on the WinPhone bandwagon is the only thing that is keeping the Windows Phone dream alive. People are waiting to see what comes of Nokia's big gamble. Right now it is beginning to look like a colossal failure, at which point the investors at both Nokia and Microsoft are going to be pushing hard for a change of course. There is almost no chance that this is going to turn into a 5 year train wreck.