I think that Meta Level could help with matchmaking. Basing matchmaking on say, SP's, doesn't really help because some people (like me) have a whole bunch of SP's that they haven't assigned to anything effectively making them the same challenge from week to week until they do. Basing it on Skill Levels is better, but it doesn't take into account how much ISK you've spent on your currently available fits.

But since we can choose our "Favorite" fit (which is curently being used to decide how you appear to other players while in the Warbarge), the system could take the Meta Level of your fit, combine it with your skill levels (as outlined in an earlier post), and come up with a Meta Level range that it would then use to match you with other players. If you feel that the matches it puts you in are unchallenging (or too much of a challenge), then you can simply pick a different fit as your "Favorite" and see where that puts you. It's a system that players can manipulate until they get the challenge level that they want.

I'd have this apply only to Instant Battles, leaving Corp Matches and FW to their own devices.