As much as it pains me to say it, I think at this point, regardless of potential Surface-branded hardware, I think it's just too late for Windows Phone as we know it.
I moved to a Nexus 6P, my first Android phone, in December - I've never been much of an 'apps' kinda person, but the ones that I do regularly use have been far, far better than the WP versions/equivalents (with the one exception of 6tag) - no resuming/loading screens, much more regular updates and most have a (surprisingly) consistent UI. Even the Microsoft apps are more enjoyable to use! I know this information isn't new to most, but I really was pleasantly surprised after hearing so many Android horror stories - although stories are usually very hardware/manufacturer dependent. I also could have been lucky in that Marshmallow seems to be the first version that doesn't burn through battery - also a major benefit of WP.
I am rooting for Microsoft though, I really hope they can turn it around and lure me back.