It will fail, this is the last chance for Nokia, I expect them to go out of the smart phone business very quickly.
If Nokia goes out of business and its patent portfolio ends up in the hands of a patent troll, there will be an effective entry barrier in the smartphone market (because every current smartphone maker probably has a cross-licensing agreement in place, only new players will be affected).
My bet is Microsoft will acquire what's left of Nokia and use patents offensively against competitors where the CLA's don't cover them, but, even if they decide not to do so, life will get a lot more dangerous in this space.
If that's the case, I hope Google acquires them. The peace of mind not to have that IP in Microsoft's hands is worth a lot of money.