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Yes, but Windows 8 will be long gone and forgotten before rich apps are gone.



From Hardware 2.0:
The Windows desktop environment has traditionally been dominated by ‘rich’ applications that are feature-packed and multipurpose in nature (think of something like Adobe Photoshop, Microsoft Word or Mozilla’s Firefox), but with Windows 8, specifically Windows 8 on ARM (WoA) devices, the pendulum is swinging the other way, towards lightweight, single-purpose, touch-based apps such as those found on smartphones and tablets.

Will Windows 8 be the death of ‘rich’ apps?

I think that the answer is yes, but that Windows 8 will be long gone and forgotten before ‘rich’ apps are gone.
  Windows 8 and the death of 'rich' apps