The interesting take away from this is that Adobe is porting Photoshop to ARM which means that their other apps will likely be too as they share a massive amount of the code base.

A 10 foot pole is not long enough.

Sorry :p

The video description says it comes "complete with x86 Win32 and UWP apps such as Adobe PhotoShop, Microsoft Office and popular Windows 10 games and videos". Does this mean it has x86 emulation, because I'm not sure what else it could mean and that would be huge.

UWP applications don't need to be ported, they'll just work, I believe. It's not a huge help but it should help quite a bit.

... No?

He clearly ran desktop programs that weren't ported to ARM

"Traditional Windows apps can only run on X86 chips, not ARM—thus, the failed Windows RT. To get around this, Qualcomm (and only Qualcomm) is working with Microsoft to emulate X86 instructions, the companies said. Microsoft itself crafted the X86 hardware emulator, according to industry sources. The emulator software attempts to minimize any CPU overhead by handling only CPU calls. Instructions sent to any associated storage, I/O, or GPU are all handled natively by those components, the company said. One source said Adobe’s Photoshop, one application Microsoft is expected to show at WinHEC, apparently runs well. "

still not getting a windows phone.

That's the great thing, you won't have to buy a Windows Phone. Tons of phones will suddenly be able to be used with Windows 10 most likely, not necessairly officially but I'm sure plenty of people online will get it running on any old Xiaomi or Samsung phone.

I look forwarding to dualbooting Android and Windows 10 on a phone!

I was jokingly going to say, "MS could make an x86 emulator."

But then I watched the video and they actually did it. So...