I've personally replied to this query a couple of times on this forum: yes, there is a problem, which causes some people to recommend giving away your copy of FrontPage to somebody you don't like.
Yes, there is a workaround for this problem.
The problem can be avoided by NOT using the handy-dandy FP wizards that automatically prop your pages to the server. Instead, use the time-honored tradition of launching an FTP client and manually uploading your pages. The metas will be read, your pages will index.
When I first started my site, I wanted to utilize these extensions to make it as easy as possible for myself, so I made sure to get on an NT server with the FP extensions. Then I ended up never using the stupid wizard, specifically because the spiders can't index if you do this. I'm still on this server today.
Finally, here's proof. I use exclusively FP98 to update my site, on a weekly basis (I upgraded from FP97). Go to www.altavista.digital.com and search for MUSICIANS CLASSIFIEDS. Three of the top four pages are from my site, with meta descriptions. Scroll down, or continue to the next pages, and you'll see all the rest of my pages listed as well. I get over 6500 musicians visiting my site every month, and most of them come from Yahoo and AltaVista.