Metro refers to the touch-oriented dynamic interface. You still have a traditional Win7-like desktop interface too. Control panel exposes some (but not all) of it's features in the Metro interface. To access all of the control panel capabilities, you still have to go to the "traditional" view.
As a side note, it was pointed out in a Q&A session that ONLY apps designed for Metro will run on both x86 and ARM devices "out of the box". Traditional x86 apps (like RR or Centrafuse) will have to be re-compiled in order to operate on the ARM devices under Win8. What that actually means in terms of code changes, I'm not sure. WinCE runs on ARM devices, and Centrafuse has a WinCE version, so how much it would take to get it running under Win8 on ARM is an interesting question.
Still LOTS of questions about how this OS is really going to play out across different platforms.