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The story behind ChevronWP7 is that a group of developers created a jailbreak for the WP7 OS, and placed information about it on a website so other developers can download and experiment with it. When Microsoft became aware of it, they contacted the developers and convinced them to create a legitimate website with Microsoft's approval.
If you are a developer who has no interest in Windows Phone 7, you will still want to keep tabs on ChevronWP7, even if it's just to understand the unusual logic that powers it all. The story behind the ChevronWP7 website is now part of Microsoft Windows history.