Im not talking about alt coins, I've heard the term in reference to building on top of the Bitcoin BlockChain using meta coins.
I'm assuming it's a way to leverage the existing infrastructure of miners / liquidity / etc, but deliver a different solution ... almost line Ethereum.com
Meta coins are just another name for altcoins that are issued on the ledger of another coin or cryptocurrency platform.
IE Ripple, Mastercoin, Ethereum, NXT are example of standalone blockchains/legers where you can issue new coins that transact on top of that network.
metacoins can also be referred to as Digital Assets, Smart Contracts, DACs, DAOs, etc. There's a lot of buzz words around altcoins, the terms are fragmented since the industry is just starting.