>Yes: the real news is that the software and device drivers will be available only for apps sold through the Windows store. Presumably that means no side-loading. If you can't beat 'em (Apple), join 'em, it appears. What I've read is that touch-oriented versions of Word, Excel, Powerpoint and OneNote (only those 4) will be available in Office 15. I suspect you're right that they will be limited in some way or other.
A special version of Office 15 for ARM desktop will be included in Windows 8 for ARM. I assume this is to make a Win8 ARM tablet competitive within the business space against the iPad. Makes you wonder what the price point will be for one of these.
This 5 minute video from Microsoft is worth watching, showing demos of the latest build of Win8 for ARM, and even includes a preview of Office 15 desktop on ARM (looks different than Office 2010, but is not the Metro version of Office). Get use to hearing the tag line "fast and fluid" about 18 gazzilion times between now and the end of the year. :)
http://video.ch9.ms/ch9/5b39/56c5458a-3122-4597-a209-9ff1005b5b39/BuildingWindowsfortheARMProcessor_high_ch9.mp4