Nokia unveiled an absolutely gorgeous new smartphone today, the Lumia 920—a device packed with some of the best hardware and features in the business.

It has built-in wireless charging and a new kind of display, features you won't see in the competition for some time.

There's one problem: it's a Windows Phone.

When Nokia struck a deal with Microsoft to adopt Windows Phone, it went far beyond just picking a phone platform. Nokia and Microsoft partnered on online maps and more, and Microsoft offered crucial financial support to the tune of billions of dollars.

It also got distribution for Nokia Maps on all Windows Phones and Windows PCs. Google already has its own maps service baked into Android, so Nokia would never have gotten that from Google.

Most importantly, Nokia got to be the clear No. 1 Windows Phone maker.

But even with all those goodies, Nokia should be kicking itself right now for not finding some way to put the Lumia's incredible hardware on top of Google's Android operating system.

Here's why:

Developers still see Windows Phone as a distant third option compared to Android and the iPhone, and it offers neither of the advantages that the iPhone and Android phones offer. When it comes to apps, Windows Phone is still playing a game of catch-up with Android and the iPhone. Microsoft says it has 100,000 apps, but it has neither of the advantages of its smartphone competitors .

You can "tinker" with Android. Android offers a lot more flexibility—like playing with the keyboard or the home screen. That's important to Nokia, which, despite its missteps in the post-iPhone world, has tons of experience with mobile user interfaces and the cultural nuances of markets around the world.

Software matters. The hardware is a critical part of the smartphone experience, but it still comes down to software. You need powerful, awesome apps to make sure people will still want to buy your smartphone.

Take Samsung, for example. Its phones have incredibly impressive hardware, and thanks to being an Android phone, its smartphones actually has a lot to offer outside of the iPhone. In August, the Galaxy S III actually outsold Apple's iPhone 4S model for the first time.

What if Samsung's device were a Windows Phone? We don't have to guess. Samsung also makes Windows Phones. They don't sell nearly as well as Samsung's Android devices, because Windows Phone lacks Android's apps and word-of-mouth buzz—the factors that really matter to consumers.

Nokia feared being an also-ran to established Android players like Samsung and Motorola.

But the result was being No. 1 in a contest no one else wanted to win. Windows Phone remains a distant third. Developers, in their current situation, will continue developing for Android smartphones and the iPhone out of simple self-interest.

And without the best developers, you don't get the best apps. Microsoft's cash and maps deal don't cover the cost of losing developers.

You don't end up being the best, or even the second-best smartphone on the market. You end up isolated, trying to figure out how to pay your bills.