Follow-up from, everything appears to work ok in 1.0-beta2, but seems to have been broken in more recent -dev versions... or I'm just missing something.
Couple things I'm noticing that seem to not work:
* unable to export the metatags settings on the command line: `drush fc` doesnt offer a category for metatags, though through the features UI, there is a category. Perhaps points to incorrect implementation of the API(?)
* using metatag-7.x-1.x-dev and features-7.x-1.0, creating a new feature using features UI to just export all the metatags creates a non-functioning feature, entirely missing the my_feature.features.inc file which should contain a metatags entry for hook_ctools_plugin_api(), I had to create this file and include it into the feature's module file (include_once 'my_feature.features.inc';)
* even after creating the feature and fixing it like ^ the feature integration in metatag-7.x-1.x-dev seems to be non-functional: drush fd reports everything is ok, but metatags_ui still reports things as being overridden. If I click "revert" in the UI, it reverts it to the *module* defaults, not my exported settings. If I change to metatags-7.x-1.0-beta2, I'm able to revert the feature properly and the metatags ui reports that everything is in the default state, and the configuration matches my exported code.
* sending my feature, that is finally working correctly on my local environment to the dev/staging server containing 7.x-1.x-dev has no effect... the feature is enabled, but the module is still using the module defaults.
Let me know if you need more information, happy to help troubleshoot this.