It might, but in a very limited basis. I'm actually surprised that Microsoft is really trying to trot this out as a primary interface for Windows 8. I don't think they've really tried it in a real world setting.
The problem is ergonomics, and it's already been looked at and addressed by Steve at one of these events. People's arms tend to get tired after a while if they have to interact with an upright, fixed screen. Touch interfaces work on ipads and iPhones because you can hold them in your hand or down on a flat surface, where your arm won't get tired.
Touchpads on a flat surface (similar to where the keyboard would be) are better, and OS X/Apple already has the magic pad which does that well.
It's still gonna be a long while before the keyboard and mouse are done away with. Probably about the same time that we see iPads and similar tablets finally get the same level of functionality and power as laptops and notebooks.