Eric,
We are deploying PON for a customer right now. Our devices are made by Tellabs (Motoralla's competition). That is correct, you will be putting an ONT (dumb hub) on every desk and run Single-mode fiber to each closet. In the closet, you have to use a splitter to connect all you ONTs to and finally the splitter will uplink to a device called OLT. OLT is nothing but an access switch and it is only capable of layer-2. Despite what the sales people tell you, there is no realy saving at all because instead of putting a switch or 2 in a closet and let say with 2 switches you server 96 users (48x2) now with PON you will put an ONT an every desk to convert fiber to copper. Every single ONT needs to be plugged in the power outlet for a total of 96 outlets. So I don't see where the power saving come from. Overall, I would not recommend using PON.
HTH