x86 to ARM translation, in software or hardware-assisted, is probably doomed as a primary means of software support, but it does make Windows 8 on ARM more appealing IMO.
Of course it will not be as power efficient as running the software native on future Atoms, but for the occasional x86 software need, it might be perfectly acceptable for certain users. It would bridge killer apps. Imagine not having an Exchange connector, but actually running Outlook itself and having all the features available.
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