If /bin/sh links to dash, the "source" command in /sbin/consolelog.sh fails tacitly, i.e. the defaults are used and /etc/conf.d/metalog is ignored. A solution would be to use the standard "." instead of "source". Alternatively, #!/bin/sh might be replaced by #!/bin/bash.
fixed in cvs http://sources.gentoo.org/app-admin/metalog/files/consolelog.sh?r1=1.6&r2=1.7