At this moment the livetile shows the complete inbox unread count. Google made a tremendous effort in filtering out the important e-mails from the less important e-mails. They have done so well that I only read my primary inbox 90% of the time. Since I receive 'less important e-mail' more often than important e-mail, I'm switching to the metromail app more than I would like.
Great effort on the app though. Already a very good experience.