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Yes, we will have Rosetta and it's going to make Intel Macs backward compatible, so you don't have to purchase a new version of your softwares, but not absolutely everything will run on an Intel Mac. Here is the list of application types that Rosetta can't translate:
Now, this means no Classic apps on Intel Macs, but you will most probably be able to install Windows. Generally speaking, of course it's better to run universally translated application that can run natively on both PowerPC and Intel CPU based Macs, so that you don't lose power by translating code. Bottom line, if you're planning to get an Intel based Mac in the future, look for the Universal logo on applications you purchase from now on.