Aligning software development, however, isn’t the same thing as unifying the code base between WP7 and Windows 8. The former makes sense given Microsoft’s current status as a niche player in the smartphone industry, while the latter is premature given the current state of Windows 8. -- Joel Hruska
For now Microsoft will focus on aligning the programming tools for mobile and desktop along with the web browser, IE. What is currently being debated in the community now, is whether or not Microsoft will base the next version of Windows Phone on the Windows NT kernel.
Anyway, enjoy the video of the giant Windows Phone!