I'm inclined to think that it's not, given my experiences here and on MO. meta.MO is, rather surprisingly, pretty laid back. There is no voting on topics, and it gives us a place shielded from the competitiveness of votes and closure.
Contrast this with meta.math.SE. It's been said countless times by Jeff et. al. that stackexchange is not designed for discussions, and this is clear because discussions are not threaded, and the comment boxes are specifically designed so it's painful to have discussions in them. meta is, almost by definition a place created specifically to discuss site policy and the community. Why are we using stackexchange for one of the things it was specifically designed to suppress?
I propose that we create a forum using vanilla like MO and give it a shot instead of this meta.
Edit: Since the community has "spoken", so to speak, how do we take actions to get this implemented? There is absolutely no problem getting a vanilla test-forum up and running, the only issue is how to get a link to it up on the top of the page. If we want to have a fair test, there should be a link to this alternative meta up at the top.
I'm reasonably certain that I can convince Andrew Stacey to host it on the same server as the nForum (the forum attached to the nLab), but if the administrators would rather host it on their own servers, that would be fine too. The main issue is, as I said before, convincing the administrators to link it for us or create the forum themselves.