I believe it's still a bug because I can't get the left windows key to function as hyper without first making it function as super. Thus if I execute the following code I get nothing:

(setq w32-lwindow-modifier 'hyper)
(w32-register-hot-key [h-])

but if I execute the following code first then the above I do get left windows behaving as Hyper.

(setq w32-lwindow-modifier 'super)