Microsoft will be running a live video chat on their Windows Phone 7 website where Speech Recognition in Windows Phone 7 will be discussed.
The issue is slightly controversial, as like with many things it is possibly Windows Phone 7 devices will be more limited in this respect that Windows phone 7 devices.
Liane Aihara, Senior Program Manager for Speech, will be answering questions at August 12, 2010, from 2:00 p.m. to 2:30 p.m. PST (4:00 p.m. CST, 10 p.m. GMT). Particular questions involve the ability to not just launch but control applications such as the media player, and also whether a speech API will be made available to other applications.
Keep an eye on the WindowsPhone7.com for more.