I would spend 1 point on it, and level it till you can morph, but stop there if you are low on skill points.

The skill has a 6 target cap, very low damage (only 1 target takes okay damage), targeting problem (no yellow cirlce to aim), and finally slow effect, so your targets may run out of the area before it actually hits.
Plus, once you hit your targets, other aoes will not work as well, coz you just knocked all of them back away from the middle.
Oh and almost forgot: high cost.

I found meteor to be a big dissapointmen. The damage is underwhelming considering the cost. It can be blocked too dealing 50% or less dmg.

It would be good if it worked properly and perhaps cost a little less.
The radius to hit that adds is either bugged half the time or just way too small.

Get it and try it for yourself. This spell is very impressive and its strengths are being looked at as weaknesses, and this is why you are supposed to try things out for yourself instead of listening to people who could almost surely be wrong.

Have you ever heard of the spell "vas ort flam"? It was a delayed explosion in pvp for ultima online and it was used to connect with a hard damage spell and then would detonate simultaneously with that spell for massive front load damage. This is what meteor is. For example: Meteor+Darkflare would both land at the same. The delay on this skill is its power.

I use the spell in pretty awesome ways.I am editing clips of my vids so i can soon post it for the community. Its only real weakness for me is that it can be reflected by a dragon knight and that could get you killed. I had a friend show me what the dk reflect looked like a long time ago and now i just watch out for it. The good news is that if you aim it at a target into a group where someone has a reflect up- it wont bounce back to you unless the main target is reflecting. I like to drop it on sorcerers and nightblades heads the best- ussually an instant kill when laced with another high damage spell.