Our initial reaction to the Bernstein Research chart above is to wonder what value Nokia's massive R&D spending has achieved. Sadly, that's our second and third reaction, too, having spent some time with the company's Symbian OS. Let's just hope all that money was poured into MeeGo or some other megaprofitable ecosystem that it will "build or join" in 2011.

Update: Added a snapshot of Nokia's R&D spending from 2007 and 2008 (when the company topped the EU with US$7.24 billion spent on R&D) after the break.