The new Windows 10 on ARM will run emulated x86 apps, so no changes needed from developers. Windows RT required UWP-only apps.
https://channel9.msdn.com/Events/Build/2017/P4171
As for "never reaching the same performance" as desktop Intel/AMD chips, I would say that depends. It's not that they can't do it with ARM chips, is that nobody has bothered to do it until now, because there was no point with so few UWP apps. The market would be way too small. What would be the point in making a Core i7-level ARM chip just for the Surface RT? The risk would be too big.
But now that Microsoft opened up the PC market to ARM -- truly -- ARM chip makers can begin to make some real desktop-class ARM chips. Chips that require 15, 30, 45, or even 90 watts of power.
But I do think this will happen gradually over several years, because first they need to see how ARM chips work under Windows 10 this time around and how people accept them. Then if that goes well, they need to start designing those 15-90W ARM chips, and then start selling them.
Someone like Qualcomm needs to be sure that if it does design a 90W ARM chip that's highly competitive with a desktop class Intel or AMD chip (at least in terms of performance/dollar), more than 10 million people will buy it.