I'm leaning towards the latter.
Nokia is in a rough patch. While their smartphone sales have stopped freefalling they still have yet to see a product that gets people excited in nearly the same fashion as a new Android/iPhone device. Reuters reports that this won't be the case for long. The company aims to turn things around with the launch of their new flagship E7.
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We know this phone will pack a large touchscreen and a full keyboard. It will be shown off in detail at a show in London. Keep your fingers crossed for MeeGo!
At least one new Symbian device will be revealed at that show; the N8. It will pack a 12 MP camera and start selling later this month.