This thread should really be entitled [...] switch to Apple Silicon based processors [...]
Apple does not use off-the-shelf ARM cores. They license the instruction set and build custom SoCs that far extend the functionality with multiple cores geared for different optimizations (power/performance,) integrated GPUs, neural engines, caches, peripheral management and WHATEVER ELSE THEY NEED. We are talking about deep integration with end use in mind. There is nothing general purpose about what they do.
Rene Ritchie captures this really well here.
This is also the reason why macOS Big Sur is 11.0 after OS X 20 year run. It is the takeoff point for new sets of functionality and performance not possible on another platform.
It is also the reason why only Apple virtualization will work on these machines. Major parts of the hardware interface will be private. The hardware architecture is not like a standard PC and likely the beginning of the end for the whole Windows eco system. Lenovo et al will have to make deep changes to compete. Windows is not a huge contributor to Microsoft's profit and I am not sure they will invest to lead in this area. Apps drive the desktop profits and MS will be happy to support whatever does well in that area. I would look towards Linux to start supporting more radical architecture changes in Mac competition.
Apple's hypervisor will emulate a standard hardware interface to hosted OSs and perhaps support future Linux evolutions.
On a Mac Pro style machine, there will likely still be support for certain std buses like PCIE. Hardware will likely require custom drivers, if they do not fall into a general class of devices or supported peripheral chips.
For this reason I suspect that the current Mac Pro is a dead end. The Mac Pro of the future will likely ship in a year or two and be a completely different animal than what we know now. It will share a lot of technologies with mobile, but in a more powerful expression adding modular hardware add ons including non Apple GPUs for special purpose uses. It will look like the current machine, but have very different guts.
Apple has been planning this for years. Dropping x86 Universals last year to make space for x64/ARM ones was the start of the count down.
Once we are down this road we will never look back, unless we are serious Windows users only part-timing on macOS. But as I mentioned above that universe will also be forced to change.
I should note that professionally I manage a team doing cross platform development for Windows, macOS, Android, and iOS. Most are using Macs. This will not be convenient, unless Microsoft gets on board and supports the new Hypervisor and fully supports Visual Studio for cross development from ARM to x64. Even with that we will need Wintel hardware for testing in R&D. Our QA group runs testing on native devices.
I have also been babying my beloved 5,1 just recently adding an RX-580 with flashed EFI. I am running Catalina full time and brought up Big Sur. I have VMware and Parallels with many VMs running comfortable on the dual Xeons with 48GB or RAM.
But when they come out with a good Apple Silicon MacBook Pro later this year, I will be on board. A fresh wind is blowing! The Mac Pro will likely be retired like my old 2,1 still sitting in the loft.