When using netstat -i you get output like the following sample:
Iface MTU Met RX-OK RX-ERR RX-DRP RX-OVR TX-OK TX-ERR TX-DRP TX-OVR Flg
eth0 1500 0 214 0 0 0 139 0 0 0 BMRU
eth1 1500 0 656 0 0 0 34 0 0 0 BMRU
lo 16436 0 0 0 0 0 0 0 0 0 LRU
According to the Linux Network Administrator's Guide at http://tldp.org/LDP/nag2/x-087-2-iface.netstat.html
The MTU and Met fields show the current MTU and metric values for that interface. The RX and TX columns show how many packets have been received or transmitted error-free (RX-OK/TX-OK) or damaged (RX-ERR/TX-ERR); how many were dropped (RX-DRP/TX-DRP); and how many were lost because of an overrun (RX-OVR/TX-OVR).
What exactly is meant by the metric value for a given interface?
It determines the preferred route, in case there are multiple routes to the same host. The OS will take the path with the lower metric.
It's normally something the routing daemon (if you use dynamic routing) worries about.