Don't you just love proper leaks? Nokia's 'Normandy', its rumoured Android phone designed to replace the Asha series, has been leaked in most of its glory. It's a 4", 854x480 phone with a Snapdragon processor, dual-SIM support, and for the rest it's pretty standard, hardware-wise. Most interestingly, the skin Nokia is draping over its version of Android is looks quite restrained, although they did change the on-screen buttons to only show an Asha-like single back button.
There's really no telling what's going to happen with Normandy in the wake of Microsoft buying Nokia's devices division. In my view, Microsoft can only lose if it decides to sell this device; if the Normandy sucks and doesn't sell well, it'll reflect bad on the company. If it's good and sells very well, it will reflect bad on the company too (can you imagine the Normandy becoming the best-selling Microsoft phone? Hilarious!).
I would guess Microsoft would much rather have low-end Lumias like the 520 fulfilling the role of Asha. It's no coincidence that the 520 is the best-selling Windows Phone device by far; it's the best fit for Nokia's traditionally strong markets. With Android already being quite popular there, a Nokia Android device would be an even better fit.
And with Microsoft not being allowed to use the Nokia name at all - only Asha and Lumia - anything can happen.