Yes, the goal of wine is to eventually run all windows applications (except for device drivers). However, for Wine 1.0, the focus will be on running a set of widely used applications, such as Microsoft Office, Lotus Notes, etc. Currently, many applications will work with a little tweaking.
I do have an objection to that. Linux has many native applications, including an office suite, a mailer, a perfect browser etc. Perhaps wine-developers should not focus on porting such apps from the other system. I 've even heard that we should even drop any support to the win apps, in a try to make them obsolete. My view is that we should focus on professional apps, such as CAD, some multimedia etc. There is professionals that won't switch to Linux until some unique apps they use can run under Linux. Games are an issue, too.
However, we couldn't make the rare apps run, until the API is mature, such that the most common ones will run, too. So, don't worry if Outlook or Money doesn't run, worry about Matlab (say..).