Having been months since we've seen any WP7 games, you should (re)acquaint yourself with the Xbox game Shoot 1UP. It's fast, it's furious (mostly as it's running at 10x the speed on a WP7 emulator), and it looks awesome.
The emulator is shown running a "smoke test," which helps developers check for memory leaks and other issues, with all the artwork and gameplay being loaded at 10x the normal speed. Below the video of the emulator I've pasted a video of Shoot 1UP playing at normal speed on the Xbox, so you can see what the true gameplay is like—and what to expect from the WP7 port.
Developer MommysBestGames wrote in the YouTube description for the game that they're "currently targeting to release the game with the launch of the phone," and that not only will the graphics be improved for Windows Phone 7, there'll also be a "special game play mode just for that platform, and a new playable ship." It's always a good idea to give punters an additional reason to download a game they might already have on a different platform. [Mommy's Best Games via Windows Phone Mobility Digest]
Video of Shoot 1UP running on the WP7 emulator:
Video of Shoot 1UP playing at normal speed on the Xbox (game available on Xbox Live Indie games for 80 points):
Image of Shoot 1UP playing on the Xbox, not WP7