Sinofsky on Win8 for legacy apps on ARM: "we won't do virtualization". Translation- NO, it won't run.'
You won't be able to run x86 code natively on the ARM version of Windows, and with no virtualisation you won't even be able to do it non-natively. Basically, all apps for the ARM version of Windows look like they're going to have to be rewritten or ported over for the different architecture.
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Whether software is rewritten or ported over or not, the fact also remains that any current Windows software is not going to run on the ARM-based version of Windows 8.