This is based on the developer’s preview of Windows 8. I will use the tag “Windows 8 Developer Build” for all of these posts.
So, I’m playing with Windows 8 and PowerShell version 3, like nearly everyone else on the planet, and decided to install the Exchange Management Tools.
The first thing to do is to enable the feature “Microsoft .Net 3.51”
To do that, go to the Control Panel application, and then scroll down to More Settings. This brings up the legacy Control Panel.
Click “Programs”
Click “Turn Windows features on or off”
Select “Microsoft .NET Framework 3.5.1
Click OK, and once the feature is installed, and you have potentially rebooted, you can install the Exchange Management Tools as if you were running Windows 7 
Here is a simple copy & paste of my Exchange Management Shell:
So, the Exchange Management Shell works fine.
So far, I have been unable to get the Exchange Management Console to load, but I am not too upset – after all, I’m a shell guy.
Unlock-PowerShell 