I'm running Lion on a Mac mini. I let LR4 update my LR3 catalog. I then added and enabled exifMeta in LR4.
I've noticed several issues. First, when I start LR with exifMeta enabled, I get an error message that it had a problem "when attempting to change modules" and then LR starts with no module selected. If I click on Library then, it becomes selected and LR behaves as expected.
Second, when I look at the configuration panel for exifMeta in the Plugin Manager, none of my fields are selected. (I can see the fields I had previously selected in LR3 in the LR4 metadata panel, though.) If I try to select one in the Plugin Manager, I get the following error message: "RC ExifMeta has encountered a problem. Error message: ...Plugin_3.8.6/ExifMeta.lrplugin/./ExtendedManager.lua:208: attempt to index local 'name' (a boolean value). Please report this problem..."
And when I import a new photo, the exifMeta fields don't get filled in. (I usually keep autoupdate turned on, but same thing if I explicitly update a photo).
I've looked at the logs, but I didn't see anything obvious.