My take on this Cloud-First-Windows vision that was leaked from a Microsoft presentation with very little details and just a lot of speculation:
If it actually happens, it will be more similar to a Chromebook, they will provide, likely an ARM based, low specs device with a basic Windows install that perhaps only has the cloud-connector (probably RDP based), One Drive to sync files, and Edge with extensions to run Office365 in offline mode.
Apps would just be either web-wrapper based apps, or RDP Apps, or you could just deploy your cloud desktop to do some work that requires more power.
I also think they would still provide an x86_64 based Windows for more powerful PCs for content creators and gamers.