Too much monies!
Hey Microsoft! Wanna get the world using your cute little phones and mobile OS? Why not launch a really really competent (if not too flashy) WP8 phone at a really low price point, by way of a loss leader, get us all hooked and take it from there?
Or else price your way out of the market and never get a foot in the door with punters.
WP8 seems to do a lot with fairly low end specs, so why are you charging so much for this hardware? It's some way from bleeding edge... (Lumia 820, 480x800 res screen? That's plenty obv, but what are you expecting people to pay the premium for?)