Actually they announced it as VS2011 first but later changed it to VS2012
This answers one of doubt. I downloaded VS2011 beta like couple months before (never tried it, but I still have the ISO). Man! I am so disconnected from Tech news. Even GIT doesn't have posts talking about it.
For a few days (or a month), I am not active in GIT. VS2011 was in beta and when they released the RC version, it got changed to VS2012. In case you want to try out, you can get the complete downloadable link from here: Visual Studio 2012 RC (Release Candidate)[^]
And also out of curiosity, can we install Visual Studio or is it different from
the Window 8 PC version?
Not on the ARM specific RT version. But on a tablet that has the full Windows 8 OS (including desktop mode), you can install and run Visual Studio. This is one of the biggest pluses it has over iPads where you cannot do dev on an iPad. Here you can.