Instead of owning Windows, you'll "rent" it by the month and it avoids the latency problem of the older Windows DaaS offerings by keeping the bulk of the operating system on your PC.
But you'll no longer be in charge of your Windows PC [so no change there.ed]. Instead, it will be automatically provisioned and patched for you by Microsoft.
Microsoft has been getting away from the old-style desktop model for years now. Just look at Office. Microsoft would much rather have you rent Office via Office 365 than buy Microsoft Office and use it for years.
Curiously since the 1990s tech writers have been claiming that we will move to more network based dumb terminals just like things were in the 60s and 70s. Now it looks like Vole is making that a reality.