Yes, it works (and no, it is not supported).
I just set up Configuration Manager 2012 on Windows Server 8 (beta) using Windows 8 Consumer Preview as a client.
The only REAL issue I encountered is the SQL Server version you need to make ConfigMgr 2012 install. I used SQL Server 2008 R2, and had several tries before I got it working. Basically, what you need to install is the following (in this order):
- SQL Server 2008 R2
- SQL Server 2008 R2 Service Pack 1 (KB 2528583)
- SQL Server 2008 R2 Service Pack 1 CU4 (KB 2633146)
If you are using some other version of SQL, here are the correct versions you need.
There are also a some posts on how to deploy Windows 8 Consumer Preview using Configuration Manager 2012 laying around the Internet. Check them out.