I rather like it.
I prefer iOS personally, but I can see the Metro UI's interface's attraction to users who prefer text over icons.
Humans don't read most words letter-by-letter: we learn to recognise them by their shapes, (just like icons), so there's solid cognitive science behind that Metro UI.
I think Microsoft may be onto something here. It's not going to wean OCD graphics fans like myself off iOS and its lovely, sensible, ordered, ranks of icons, but I can see Metro appealing to users like my mother, who still has to peer at the text beneath each icon on her desktop to identify each item.
Some people simply get along better with textual rather than graphical cues. Fair play to Microsoft: it may still have the feel of a v1.x platform, but it's got a lot of potential. The only major down-side is that all that text means more localisation work. (Not that I mind: I'm a mild-mannered translator by day!)