They good news: Microsoft is loosening its strict spec standards to push some highly affordable Windows Phones to the market. The bad news? Those phones are going to be gimpy little crud boxes. But hey, that's compromise.
Nokia and ZTE are going to be manufacturing Windows Phones with just 256MB of RAM shortly, but they're going to have to leave out certain aspects of the WP Tango experience. Specifically, "processor intensive" apps (your favorite games) won't work, you won't be able to manage podcasts, fast app switching is dead, some HD video codecs are dead, Bing Local Scout is dead, background agents are dead, automatic SkyDrive photo uploading is dead. Dead, dead dead.
We've beaten the RAM-doesn't-matter drum before, and it really doesn't—after a certain point. That point being, apparently, around 256MB. And while I appreciate Microsoft's drive to get its mobile candy in more people's gullets, the fully abled Lumia 900 will reportedly hit the US for $100. That's a third of what you'd pay for a top Android handset, making it a pretty solid bargain already! So maybe just stick with that.