Lots of interesting comments, but this one struck me:

People who rely on running Windows apps on their Macs, however, will not find a comforting story. Apple made a point of highlighting virtualization features that are built into macOS Big Sur running on Apple Silicon, but these seem to be for virtualizing operating systems built for Apple’s processors, not for emulating an operating system built for a different processor. I would imagine that, eventually, there will be a way to run Windows on ARM Macs–but it may take a while and it may be a slow, frustrating experience when it does arrive.

The fact that Apple demoed Linux running on an ARM Mac, and showed off Office apps but not Windows, was certainly noticeable. I’d love to know if there’s a plan in place to install Windows on an ARM Mac, or if that’s a dead path.