I'm doing it right now, and many others are doing it always. I'm trying to keep the count of posts about "Blogging" itself small, though I'm not actually successful.
What is metablogging? For me, it's blogging about blogging. It's like singing about singing or books explaining how to write books. Necessary, sometimes. But mostly, it's just annoying SEO stuff feeding my reader, I know enough about it, enough to know that the blogosphere is certainly about content, it's quality, viewpoints, good posts, but not necessarily only about search engine rankings. Of course, if you want to earn some money it may matter, but most blogs ( including this one ) are not in a position enabling them to do so, careless of what fancy technique of optimisation used.
I'm afraid that by weighting the public opinion and certain trends too much, the real goal of blogging gets lost, and of course, the benefit the web got from it. In the beginning it was some people just sharing thoughts or writing about rather personal stuff. Watchblogs have become an important source in regions lacking a working system of free speech. This development changed at some point because some smart people figured out that money could be made, it's nothing new, and of course, the world just works like that.
And rather than desperately asking for backlinks and so on, people should go back and concentrate on their content. Quality content will increase your ranking, too. The guys over at google are smart enough to know how things work, and adapt.
I'm convinced that the best blogs are still the ones both written and read with passion. Works here, and some people like it. No meta-blogging anymore!