Now they have a shipping phone with a small but established software ecosystem around it. I don't think meego had any future even if Nokia backed it fully, they threw away their third party ecosystem by making gratuitous API/ABI changes. If they hadn't rebooted development, hadn't merged with moblin, had shipped something in the last five years they would have been better off.
As far as choosing another os like android or webOS, I'm not sure webOS was available at the time but it could have been another good choice. The Android market is pretty cutthroat and they didn't want to be in such direct competition, there isn't much brand loyalty or profit margins in the android market, they also probably wouldn't be able to finagle special treatment from google as they did from MS because MS is more desperate for a hardware partner.