I've had a good look at the init script and source code for metalog, and as far as I can tell, the FORMAT variable in /etc/conf.d/metalog has no function. It's not used by the init script, no patches are applied to the metalog source and the metalog code has the log format hard coded (line 880 of metalog.c). I've also been unable to find any documentation on it anywhere. I would suggest removing it.
it's used exactly like it's documented: consolelog.sh