I think it's possible to write meta-fic (or meta-based fic) that's also a good story. I'm unsure as to how well I've accomplished this, but I've always thought that my fic "Small Gods" would be a nifty read, even if my more meta points were ignored/missed. Acadine's "Riddling Thomas" is frankly cool, and Pogregin's "Walking Shadow" manages to have a lot to say while telling a compelling story. Of course, the vast majority of meta-fic is crap.