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At the Search Engine Strategies conference in Chicago last December, there was a panel discussion with reps from Google, Yahoo, Ask, and Windows Live. All agreed that metatags were NO LONGER used for indexing and ranking webpages. (they stopped being relevent on 2005 when the algorithims changed) Yahoo admits to putting 'a little' weight on metatags, but not much. They all agreed that text based page content was where to put the appropriate keywords.
That and 'relevent' inboound links are what matters now.
This was direct from Google, Yahoo, ASK, and Windosa live reps on the panel in front of a couple hundred attendees.
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