An MSFN member ‘BigMuscle’ has implemented Aero Glass with transparency and blur for Windows 8. His tiny portable app Aero Glass for Win8 v0.2 hooks the DWM API in Windows 8 and creates real blur and transparency effects on window frames using Direct 2D and Direct 3D.
The app is portable and does not require to be installed. Just download the 7-zip archive from here, extract all files into C:\DWM folder and run DWMLoader.exe
The app is in alpha stage of development and is not finished yet. As the author said,
This is a preview version of Aero Glass for Windows 8.
!!! USE IT AT YOUR OWN RISK !!!
Because of debugging checks hardcoded in the app, you will notice some slow downs for typical window operations such as resize, move, minimize etc. Such issues are likely to be resolved in the release version of Aero Glass for Win8. Another limitation is that the app is available only for Windows 8 x64 at this moment.