Earlier quoted context omitted.
How slow? I did some quick profiling of Word and Excel doing basic stuff (text entries, making charts, but no hardcore calculations). Avg CPU utilization: 1%. Peak CPU utilization: 4%. A factor of 10x slowdown would probably be reasonable. Is the current state of the art on ARM able to get it below 10x?
Have you ever tried running Office with a little network latency? The 10x slowdown is barely usable and unavoidably annoying, especially if you're used to a faster computer.
Maybe we just have really fast networks.