I wouldn't think it's that hard. Just prepare the main shapes by making a few modified versions of the image in photoshop. e.g. adjust contrast and such to separate the squares, the jagged outline etc. The text should be straightforward.
When you have that done, mess around with some gradient and/or blurred, softened blacks overlayed on top of the squares.
Use livetrace to get you a vector of the jagged outline that you separated in photoshop. Create the 2 types of metal rectangle things with the pen tool. copy paste etc... done
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Subtlety is my middle name... and first and last in case you didn't get the point.
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