If Microsoft ever damages the reputation of Windows too much, ReactOS can act as a drop-in replacement for many things with relatively little investment compared to migrating to an OS on another kernel. Even if they're not currently a threat Windows, they have done enough of the groundwork that some extra funding and support could make them a serious competitor should the need ever arise.
Plus, it's just cool.
One of the more beautiful aspects of Windows is you actually rarely interact with the kernel at all. That portion of the OS could (and in practice often is) switched out and replaced without the user-facing portions being aware.
If you look at the list of NT system calls [0] you can see how frequently they've changed. The only programs that can safely talk to the kernel are core OS components, which in turn provide a user-facing stable ABI through the use of DLLs.
The fact Wine is running on a separate kernel is essentially 100% transparent to all but a handful of programs that intentionally poke the kernel, either for undocumented functionality or to e.g. detect tampering.
This is why IMO for running application software, Wine will always be superior. Linux is a really good kernel for almost everything, and with io_uring the last big deficit (async i/o) may be fixed.
ReactOS's remaining advantages are driver support for Win2k, and the whole explorer shell and start menu environment. If someone really wanted to, I bet you could run ReactOS's shell on top of Wine, fullscreened on Linux...
[0] https://j00ru.vexillium.org/syscalls/nt/32/
EDIT:
A thought I had after finishing this. Another benefit of ReactOS's architecture vs Wine is you could, in principle, directly copy at least some system-level DLLs/software from Windows (2000/XP) and get something akin to Windows 2003/XP running on a modern and up-to-date kernel, possibility with much newer hardware support.
I doubt the ReactOS devs themselves would want to get that close to even just binary blobs from Microsoft, but if it gets far enough along, I could see users scrapping together systems like this, maybe for retro games or something.
Not everything has to be #1 to be sustainable, interesting and/or worthwhile.
They only really need to get to a XP64/win7 level of win32 capability with the ability to run a recent graphics stack and they will win. They have been getting closer to the "just" works bit every year. At some point I suspect their market share will start to rise enough that application vendors start assuring their programs work properly.
At which point they could have a larger market impact than macos has had for the past 30 years.
I can think of some niche use-cases. For example, my mother owns a perfectly functional printer and spent quite a lot of money on ink cartridges, only to have the manufacturer refuse to provide drivers beyond Windows 7 (and never bothered supporting anything but Windows). React OS could allow her to continue using this otherwise functioning printer until she runs out of ink and cannot buy any more cartridges.
There are probably tons of other weird devices out there that are beyond their official EOL and require some previous version of Windows to continue to be used. There is also a lot of software that people depend on but which is either EOL or the original software vendor is defunct, and React OS can provide a compatible environment to run that software on regardless of what Microsoft chooses to do with more recent versions of Windows. It may seem crazy and there are probably a variety of security issues with running unsupported software, but for some people the risk will be worth it.
- Windows has gone very stagnant IMO. Sure they might have a bunch of new apis for 8/10, but... are there killer apps for them?
- Windows is no longer in growth phase. COVID computer demand surge is a temporary measure, and will probably be followed with a long shallow valley
- ARM is coming on the desktop, and it's going to destroy Windows backwards compatibility. That creates a tentpole point for ReactOS to target for compatibility, and likely something that, like Dosbox, microsoft would de facto embrace to alleviate itself of pressures of backwards compatibility
So I think ReactOS could settle into the "backwards compatibility VM" that windows could (should) actively support so they can move onto a new processor architecture.
There are a lot of workflows dependent on software and devices that never had a proper update to support past Windows XP 32-bit.
Even if you use license-downgrade rights, it's going to get harder and harder to find the actual bits you need to keep such systems alive.
ReactOS could potentially provide that steady-state-- a perpetually available Windows XP, which is also recent enough that you could see new drivers added and software ported so you could still boot it on a commodity PC.
Also: If Windows starts getting real ugly with forced telemetry, cloud service integration, and deprecation of Win32 apps, ReactOS can provide a way to continue using "Windows" in a productive manner without the negative side effects of ad-surveillance and forcing you to upgrade your PC every X interval like a phone.
Hopefully Microsoft doesn't make any other app become basically unremoveable like Internet Explorer and Cortana.
Windows 10 certainly isn't the "last version" of Windows in the sense you are thinking.
Even if there is no new version number, they could likely just drop that and call it "Windows" from now on. I haven't heard of any plans to discontinue desktop development.
It will just be constantly updated, as we are seeing it now.
Like the major UI revamp in the works codenamed 'Sun Valley', due later in 2021.
https://www.windowscentral.com/windows-10-sun-valley-ui-octo...
You'll have to do better than a new color scheme and fixing the dialogs they broke since Win7.
Now Windows terminal is something to talk about, but the number of devoted team members appears to be under 5.
I do know about WSL, which you could consider an anti-feature in a way.
It seems they will never have enough resources to become more popular than windows.
And they will never manage to become the desktop OS of choice over Linux or Mac either.
It seems to sit in an odd place with only a tiny userbase and no real goal, permanently playing catchup.