Navagon: I gathered that was going to be the major hurdle. But given that Win8 seems like it's going to be quite different under the hood in order to accommodate these additional platforms I am somewhat concerned about the compatibility we can expect from Win8 running on a desktop with XP software.
None what-so-ever. These additional platforms are already accommodated by the NT kernel on which Windows has been built for the past 10+ years, only parts of the userland will be written to be made compatible with ARM.
Also, you need to understand that this will mean two codebases with parts that converge, not one codebase with small differences as to affect compatibility. The ARM version will be a different version of Windows and apps will work backwords on x86 just as they had so far; the corporate dependance on backwards compatibility is too high for MS to neglect it, and ARM plays no role in the corporate world.