It’s hardly inspired, but I think it says ‘Metro’ far more than the real Windows 8 logo.
I’ve put the flag colours back in (using the Metro palette, of course), and don’t see anything wrong with keeping the squares square. To me, the new Win 8 logo is how a child would draw a window. The panes don’t even look square. Perhaps they weren’t intended to be square, but that’s a bad decision in itself.
The gaps between the ‘panes’ look wrong to me too. I’ve made my gaps a distance more sympathetic to the typeface. Speaking of which, I think Segoe is pretty nasty. I’ve kept it because that’s what Microsoft are using everywhere. I think the kerning of the Wi is particularly bad.