I am saying that a lot more than the base OS has to be ported. That includes, of course, Visual Studio, Office, games, utilities, 3rd-party titles, browser plugins (so you can do net banking), device drivers (so you can scan, print, use a smartcard reader). Windows benefits from a huge complex ecosystem that will have to move with Microsoft.
It took years before AMD64 was fully supported and it's semicompatible with ancient x86. ARM is a completely different beast. I am pointing out Microsoft tried to make this move before and failed.
When Apple did it (and they did it twice), the carrots were huge performance gains. This carrot implies a loss of performance. Unless hardware makers start flooding the market with Windows 8-compatible ARM machines, 3rd parties may opt to stay within the comfy confines of x86/AMD64.
It is a very tricky move.
Also, since most of what a Linux distro offers (and that includes OpenOffice, editors, IDEs, languages, games) already runs on ARM, this move would also benefit the competition that's already positioned to benefit from this without the need to convince 3rd parties to jump along. I imagine Microsoft will impose restrictions on what OS and software you will be able to install on those machines to counter that.
It will be fun to watch.