This is a similar issue to http://drupal.org/node/1887916, but I am not using page_title.
I have a Drupal 7, Panels 7.x-3.3, cTools 7.x-1.2 site. When I have metatag_panels enabled, and have the variant config to enable metatags configuration. It looks like the [current-page:title] token is always empty when I want to use it anywhere in metatags. Custom text works, and other [current-page] tokens work. The title is being propagated properly through the theme system (eg, it is correct in my region template). In my instance, I am using a manually set title, but changing this doesn't seem to matter.
Not sure what is wrong here.