The Nokia Icon offers the same high end specs seen on the Nokia Lumia 1520 phablet, albeit with a more pocketable 5 inch screen. An earlier report gave Microsoft's purchase of Nokia's Devices and Services business as the reason for the delay. According to this report, Verizon wants to deal with just Microsoft and not with Nokia as well. This way, Big Red and Microsoft can work on a cohesive marketing plan for the phone without worrying if another company is on board with it.
On the other hand, this could be a spot for the Rich Recording capabilities on the Nokia Lumia 1520. The Finnish manufacturer has already released a short 17 second video for the feature, which should also be found on the Nokia Icon.