Looking at it more, I'm intrigued. Probably not enough to jump back to the Windows ecosystem, but more interested then anything RIM or Google and their Android partners has done in the space.
Windows 8 (the Metro part) does work well on a tablet. It's going to be a strong competitor, much more sot then Microsoft's past attempts with XP Tablet edition. With solid hardware and software direct from Microsoft, this is also going to be a strong competitor against some of the companies Microsoft is currently allied with. I wonder how this will strain those relationships.
The keyboards (they have a tactile and pure touch version) looks pretty slick, and nowhere near as bulky as the iPad keyboard solutions out there.
The only thing I'm not sure about is the widescreen aspect ratio. I see this as a mistake that most of the Android tablets also make. Widescreen works well for desktops and laptops, but I personally find I use the iPad more in horizontal mode for reading and browsing. HP seemed to agree with the 4:3 ratio on the short lived Touchpad.
The announcement is a bit strange though with no dates or pricing information for either version. It will be interesting to watch the sales numbers of the ARM and x86 variants. I still believe strongly that desktop/laptop applications have no place on a tablet with a touch interface. The ARM variant is also more iPad like in portability, where the Intel one bumps that up a bit to the MacBook Air range. Microsoft is supporting a pen on the Intel version, so it may become pretty popular with artists. And perhaps the desktop style apps for that market make a bit more sense.