I have such mixed feelings about this. I am really excited, but at the same time, apprehensive.
I see so many potential benefits and also pitfalls.
From a professional perspective, this is terrible for one simple reason; VMs. Many of our Mac users have VMs available for specialty enterprise apps. On the flip side, it has never been easier to work around this than today; more apps than ever are web based or cross platform, and delivery of apps or VMs through thin client software (Citrix, VMware) makes it possible for large enterprises to find workarounds for the edge cases easily. The worst hit would probably be smaller professional outlets that need specialty or legacy apps; they lose the ability to run VMWare or Parallels and run those apps in Windows.
From a personal perspective, I think 90% of users will see massive benefits. Thinner and faster machines. Most people don't run Boot Camp.
But...I do. I always buy the higher end MacBook Pro just got the GPU, and I dual boot and do my gaming on the other side.
This would basically end gaming on MacBook Pros completely. Though it might actually push developers to develop more for Macs since they can't tell users "just use Boot Camp"- it also might not. It's a lot more difficult to support Macs for cross platform these days; Apple's OpenGL support is further and further out of date, and most developers haven't gotten on board the Vulkan or Metal bandwagon, so the Mac version of games just use OpenGL and perform terribly. (Same story for many emulators, btw.)
Gamers that use Macs are a very small market, to be fair, so I don't think this will kill a huge user base for Apple. But this honestly makes me sad because we were just hitting a point where gaming on Mac becomes viable again - because of Thunderbolt docks. I was definitely planning for my next Mac purchase to be with a Thunderbolt 3 dock so I can continue upgrading an external GPU. If you can't dual boot a Mac to game, and games have such terrible performance in comparison, there's really no point of a TB3 dock except for specialty 3D work (like CAD).
This is a big rundown of the downsides, but I think ARM Macs will end up with considerably better performance and battery life and heat. It will give Apple a massive advantage for most use cases that aren't gaming or specialty/legacy corporate. I hope it will help Apple recapture the video editing crowd down the road.
Apple's already got the Universal Binary system, so I think it would be a really easy switchover. They can probably automatically recompile all App Store apps that submitted Bitcode anyway.