Windows Mobile news site, WM Experts, reports that WinMo May 7 comes with two different versions: one for businesses, one for consumers. The WM Experts site noted that Microsoft has not confirmed the dual flavors of WinMo 7 and that the information comes from anonymous sources.

That said, the business edition outlined in the WM Experts story will be a stripped down version of the OS built around compatibility with Microsoft Office and will incorporate multimedia. The consumer or “means” WinMo7 version will be fully equipped with high definition video as a music player Zune, Facebook and Twitter integration, Silverlight and the Microsoft IPTV software, MediaRoom for TV transmission on the mobile device.

It was unclear whether the Xbox Live is integrated with WinMo 7, but no doubt it would make sense as part of Microsoft’s “3 screens and a cloud” strategy.

Which brings us to the next WinMo 7 rumor: the revealing of a Microsoft branded Zune like phone in the next month or two.

All Things Digital, the leading high technology in the Wall Street Journal, citing an analyst note to Microsoft is preparing to launch its own phone running Windows Mobile 7, which would be the fulfillment of its elusive “Pink” phone project.

“Our recent checks indicate the industry that Microsoft will be debuting its own phone sometime in the next two months,” writes Jefferies & Company analyst Katherine Egbert. “We hope the new phone to debut soon, at either the Feb 15-18 Mobile World Congress conference in Barcelona Spain, or possibly at CTIA in Las Vegas one month later.”

The device would be similar to the Google Nexus One phone, according to Egbert, in that it would be the result of a partnership with a phone manufacturer (HTC produced the Nexus One phone). Egbert believes the Microsoft-branded phone will push multimedia features like a five megapixel camera, 720p HD video and a sort of music service subscription.

Microsoft Zune phone would complete Redmond’s vaunted “3 screens and a cloud” strategy, which promises to provide seamless connection between Windows on a computer, Xbox on TV and Windows Mobile on a phone.

Unfortunately, Microsoft is backing away from discussion of Windows Mobile 7, and refutes the claim that will be discussed on 7 Windows Mobile at Mobile World Congress in Barcelona next month.

It would be a shame, because the “3 screens” strategy, when implemented and understood by the general public, could be a boon for Microsoft. It would bring cohesion to the company’s disjointed ecosystem.

But until Microsoft bares its WinMo 7 soul, “3 screens and a cloud” is just a catchy slogan.