How is it overblown? WP7 has roughly 40k in apps submitted (you probably have access to about 30k when you take into account what's been pulled and what's available in your area. Contrast that to iOS and Android who have 500k + and we aren't even in the same ball park.
Hard to say all of the major apps are on WP7 when WP7 has less than 10% of the total apps that the other two major marketplaces do unless we only consider like 2-3 % of the apps on the other app stores "major".
I think 2% is pretty generous actually.
Honestly there's nothing app wise I miss coming from iOS. And the fact email and exchange support is better arguably makes it a more useful phone overall.
Now game wise...that's a different story. I really miss the breadth of games that's available on iOS, the strategy section on WP7 is literally empty.