Short answer: realistically, it's not particular good iron. Rule of Cool says it's fabulous. If you want smith skill to be important, then starting with a meteor is just starting with good mats, so they have a better chance to make Fine / Very Fine weapons. If it's all about the mats in your setting, then it's Cheap (realistically) or Very Fine (Rule of Cool).
A recent thread on the topic:
http://forums.sjgames.com/showthread.php?t=97799
Iron content of steel:
http://forums.sjgames.com/showthread.php?t=44847
Making a black blade:
http://forums.sjgames.com/showthread.php?t=94787
Iron for elves and other faery races:
http://forums.sjgames.com/showthread.php?t=80620