I agree with Michael that the issue of database development and bias are very important issues in metagenomics at the moment. These are also issues that are currently being addressed by large research groups (and multiple large research groups working together in research consortia, here's just one example) with lots of resources ($$$).
I think right now there are a lot of groups focusing on the development of packages for metagenomic data analysis. Some examples include packages for general data analysis (MG-RAST, QIIME, MOTHUR, MEGAN) and there are newer platforms to incorporate post-clustering statistical analysis (Huttenhower Lab Tools, METAGENassist, Metastats). Another area is the development of assembly programs with the intent to assemble many genomes from metagenomic data (you can search for that stuff).
Right now, I think the tools are there and there are a lot of them, but they are not perfect, so I think there is room for improvement. The learning curve is high here as there is a lot to take into consideration when developing a metagenomics package. I also think there are a lot of people working in this area. If you are thinking of jumping into the arena, I think there could be a high risk for spending time in developing a project when there are so many other projects in development. Many packages are being developed by research groups, such as Rob Knightâs group working on QIIME, that have multiple people at work on multiple scripts and programs.
If you are not working with a large group, I think you would be most successful if you chose a specific problem that you could try to tackle on your own and become an expert in. Just one of many examples would be developing a Chimera checking program: There are already many out there, some of them quite good, but there is always the problem of adding speed, quality, reduction of false positives, etc., that can be developed into current algorithms and scripts.
When you become familiar in the field of metagenomics you will recognize areas which you think you can contribute to. If you are really interested in this area then you need to really dive into the literature to figure out where you can contribute.