I know that Metro on both platforms shares a common “look and feel” and that WinRt makes use of XAMLand C# (or VB.NET) like Silverlight does on Windows Phone 7.
Howev
This answer is the same for WP7 & SL.
On a scale of one to ten, it's a six or seven at best.
WinRT is just not the .Net framework, unfortunately. And that's WP7 & SL.
Having said that, if WP7 <-> W8 is a 7, WP8 <-> is a 9.9!
You will NEVER get 100%, by the way. Different form factors need different XAML, at the least.
Just remember, design with MVVM!