Our web search (the well-known search at Google.com that hundreds of millions of people use each day) disregards keyword metatags completely. They simply don’t have any effect in our search ranking at present.
Experienced SEOs have known this for several years now; the real power of Google’s search algorithm comes from depending mostly on off-site factors to assess a page’s topicality. Never the less, it’s nice to be told this in an official capacity.
Having said that, this isn’t exactly earth shattering. It will save us a grand total of about 10 minutes of labor on every project. I suspect this fact is related to why the keyword meta tag is so worthless. Were it given any serious consideration by the engines (as it once was) it would be way too quickly and easily to exploited (as it once was), so it no longer matters.