Meteors are of course destructive, so there are some options to allow you to protect things globally, on a biome-by-biome basis, or by y-level. If a meteor enters a protected biome or passes below the minimum impactable Y-value, it detonates in midair, harmlessly sprinkling about 60% of its blocks below.
Meteors spawn about once an hour by default, but this rate can be adjusted as desired. High frequencies are not recommended for serious play due to overabundance of ore and severe terrain damage.
Meteors can also occur in showers; a meteor shower lasts between 30 seconds and 5 minutes, during which meteor frequency is vastly increased. Meteor showers are rare - about 1/1000 meteors comes as part of a shower - but valuable. All meteors that spawn as part of a shower will explode in the air.
Two block types are added by MeteorCraft. If RotaryCraft is installed, they are cheaper to make but require RotaryCraft power. The Meteor Defence Gun, which comes in three tiers, will automatically protect an area from meteor impacts. Higher tiers cost more, but protect a larger area (up to 112x112). The Meteor Radar will notify you of any meteor spawns or impacts in its (large) range.