"In addition to providing updated support for the Open XML and ODF standards, the new Office adds exciting new features around PDF files as well. With this release, Microsoft introduces the option, which we call PDF Reflow, to open PDF files as editable office documents."
Exciting? Uh, let's say "perhaps".
On the one hand, Adobe never claimed PDF is a file format meant, or even suitable, for editing. It's an *end product*, despite the odd confused end-user believing that "if you can create it you should be able to edit it". For some reason they also usually target InDesign as "it should be able to edit PDFs!!" (A similar argument could be that since ID both can import and export PNG images, it should be able to edit them as well.)
On the other hand: maybe *because* Adobe believes in this policy, it never produced a "PDF Editor" of its own, and hence the array of others' utilities and tools to do just that, ranging from "extracting all mages" (it used to be an Acrobat feature, but not anymore in X it is--besides, it also never worked with monochrome bitmaps!) to high end professional software such as Enfocus Pitstop. Not to forget RecoSoft's PDFtoID.
So it certainly seems there is a demand.
Yes, I would like to be able to reliably copy formatted text out of any PDF. Yes, it would be nice to clean up an illustration every now and then, without going through the crutch-and-sellotape construction called "Edit Object".
But no: I don't believe for a second it's possible to edit any PDF, copy any text, change any font. There are too much legacy constructions in a PDF to allow this in its current structure. Re-writing the PDF standard to allow this would be a pretty major undertaking, comparable to (and probably demanding) creating a total new file format. In fact this is actually out of the question, since the PDF format as-is has been frozen since it became an ISO standard. Besides, an enhanced format could only work for new files, and your old PDFs would still not be magically editable.
So, one has to ask: what makes Microsoft think they can pull it off? My personal Best Guess would be they can't, in any repeatable and reliable way, for any (yes: *any*) PDF. Jus' maybe with ones created by their own software; and possibly even only on PDFs that were created with this magical new version of Office to begin with!
(It leads to lots of follow-up question anyway. What *can* you do? Create a PDF out of Excel, edit its text with Word, re-open in Excel to adjust some calculations?)