I got an M1 MacBook Pro from work last year, and expecting to pay the price for being an early adopter, I set up my previous Intel-based MBP nearby in case I ran into any problems or needed to run one of my existing virtual machines. (I do varied development projects ranging from compiling kernels to building web frontends.)
In reality I have hardly turned on the Intel MBP at all since I got it. At all.
Docker and VMware Fusion both have Apple Silicon support, and even in "tech preview" status they are both rock solid. Docker gets kudos for supporting emulated x86 containers, though I rarely use them.
I was able to easily rebuild almost all of my virtual machines; thanks to the Raspberry Pi, almost all of the packages I use were already available for arm64, though Ubuntu 16.04 was a little challenging to get running.
I also had to spend an afternoon updating my CI scripts to cross-compile my Docker containers, but this mostly involves switching to `docker buildx build`.
Rosetta is flawless, including for userland drivers for USB and Bluetooth devices, but virtually all of my apps were rebuilt native very quickly. (Curious to see what, if anything, is running under translation, I just discovered that WhatsApp, the #1 Social Networking app in the App Store, still ships Intel-only.)