We know many of our software developers are excited and eager to get started using the consumer preview on a daily basis, but Windows 8 is still a preview release, which means that there are going to be instances of software incompatibility. One of these incompatibilities is unfortunately with the current Windows Phone SDK.
The good news is we are working to address these issues and should have more information for you in the coming weeks.
There are three issues with running the Windows Phone SDK on the Windows 8 Consumer Preview:
XNA Game Studio. On an attempt at installing the Windows Phone SDK, the user will receive error messages with regard to components of the XNA tool chain. These components will fail to install on Windows 8; the workaround for this has been blogged about by Aaron Stebner.
Windows Phone Emulator. Windows 8 cannot currently run the Windows Phone emulator, which will make it very difficult to debug your code. There are two issues in addition to the simple fact that the emulator does not run on Windows 8, having to do with specific emulator functionality.
.NET 3.5. Capability.exe and slsvcutil.exe will not run on Win 8 unless you separately install .NET 3.5.