All metamaterials are not created equal. A metamaterial is an electromagnetic medium created by a composite of tiny (very subwavelength) constituent structures, put together in such away that longer wavelengths see an "average" material with properties very different from those of the constituents. Usually, the goal is to use resonant effects in the microscopic constituents to make a material that is effectively very different from naturally occuring EM media. But this can be done for many different purposes.
A negative-refractive metamaterial is designed to have an effective "negative" index of refraction, which makes Snell's law (refraction) bend backwards, and can potentially be used for flat-lens near-field imaging, subwavelength imaging (again only in the near field), etcetera. The main practical difficulty here is that the most interesting applications of negative-index materials are in the visible or infrared regime, but negative-index metamaterials rely on metallic constitutents and metals become very lossy at those wavelengths.
Recent "invisibility" cloak proposals are based on the observation that there is a one-to-one mapping between transforming space to "curve around" the object being cloaked and keeping space the same and transforming the materials. So, if you can make materials with certain properties, they could effectively cloak an object by causing all the light rays to curve around the object just as if space were curved. Although this is mathematically quite beautiful, there are many practical obstacles to making this a reality. The proposal is to make the required materials via metamaterials, but these are NOT negative-index metamaterials. The required materials theoretically tend to require some singularities (points where the index blows up or vanishes), and trying to approximate that in practice inevitably involves losses which spoil the cloaking. In general, the bigger the object to be cloaked compared to the wavelength, the smaller the losses have to be, and the narrower the bandwidth is going to be. When you work out the numbers, you see that this is why all the experimental demonstrations of cloaking have only "cloaked" (reduced the scattering crosssection, but not to zero) objects that were a wavelength or two in diameter. Cloaking macroscopic objects at visible wavelengths is a fantasy because the material requirements are insane. The only remotely practical prospects seem to be cloaking objects on the ground (which makes things technically easier because the coordinate transformations are nonsingular) to long-wavelength radiation, e.g. cloaking something against radio waves.