The problem isn't that the phone will stop working.  The problem is that I purchased a Windows Phone with the promise that all the big name apps will come down the road.  Well, we now know that not to be true.  Developers aren't going to waste their time developing WP7 apps now that WP7 is dead.  So now, we're pretty much stuck at the apps we already have, except for a few more to come every now and then.

Some will say to just purchase a WP8 phone when it comes out and the answer is I probably will.  The big problem I have with that is I will have to re-purchase my apps when they are re-written for WP8.  Yes, I am aware that WP7 apps will run on WP8, but I also am aware that many apps will be re-written to run specifically on WP8.  Are we to assume that Microsoft is going to "reboot" their mobile phone strategy every 18 months and start from scratch?  One of the big points Microsoft touted in WP7 is that their platform will not be fragmented like Android.  Well guess what, it is now fragmented, just like Android.