You heard wrong.
End of story.
.NET allows you to run applications remotely, yes, allowing the app a certain amount of resources to play with depending on your system configuration. However, applications you buy like Word, Visual Studio or Photoshop still run locally.
The biggest thing about .NET is the Common Language Runtime. All programs are compiled into a cross-platform and rather generic bytecode (MSIL) which can be converted very quickly to the native machinecode. IBM has been contracted to produce a port of the .NET Framework for UNIX.
By compiling the Windows kernel to MSIL, Microsoft will be able to run Windows (and all Windows applications) on any hardware configuration they choose, without any reconfiguration or recompilation.
For big companies that produce a version of their software for more than one platform this could save millions of dollars in development time and beta testing, and old applications will be able to take advantage of new hardware features without requiring a software update.