Back when I first registered here, metamoderation consisted of examining how posts had been moderated and judging it was deserved or not. That is, you'd be given a post and told that it had been given a +1 Informative, and asked if it deserved that. I really enjoyed helping out that way and almost never failed to metamoderate.
Now, you're shown a set of posts that have been moderated and asked if they're good posts or bad posts, with no idea of how they were originally rated. You have no context, no way of knowing if you're being asked to judge an upmod or a downmod (For all I know, you're being asked to judge all the mods a post received in one lump.) and no way to tell what effect your decision will have.
It's been years, now, since I've even bothered with metamodding, but if you went back to the old style where people knew just what moderations they were checking, I'd gladly start doing it again, and I doubt I'm the only person here who feels that way. Metamoderation used to serve an important function here, and I'd like to see that come back.