Last Updated: Nov 29,2010
What does this actually do?
It is a tool to replace system files that is primarily used for themes but other mods can be done this way as well. Try starting here for more info.
I'd stay away from MetaMorph. I've heard nothing but bad things about it truth be told. You're better off going with a real theme / ROM rather than hacking away at MetaMorph.
I use NinjaMorph and have never had a problem. Just be sure to back everything up before you start changing things. The worst thing that could happen is you mess up and have to restore your backup. I've used to change quite a few system icons in the past.
I used it this morning to change my status bar background after installing the latest Apex.
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