All this data is potentially out of date, and should be taken with a truckload of salt
The Meta level of an item indicates its quality. The higher the number, the better the item often is.
Tech I items have no Meta level displayed. They are considered to be of base quality.
Tech II items have a Meta level of 5. They are the highest quality items that can be manufactured and sold by players.
Certain faction or other items may have Meta levels higher than 5. Their attributes, however, may not always be better than those of the Tech II variant of the item.