Baird analyst William Power writes in a research note issued after the event that the 920, Nokia’s new flagship smartphone, “appears to be a solid device, with many spec improvements,” but that he is “not certain there are any Windows Phone 8 ‘wow’ features that will get consumers off the fence.”

The real question, he says is whether consumers will care. And the early reception suggests the Street is skeptical.

Perhaps most troubling is Power’s [view]* of the underlying Windows Phone software.

“In our view, the Windows Phone 8 software doesn’t appear to offer many tangible improvements over its predecessor,” he writes. “Although WP8 now supports higher caliber hardware, the overall platform does not appear to have changed meaningfully.”

Power keeps his Underperform rating and $1 price target.