Over the last few weeks there have been a number of blogs discussing code metrics-- they are worth reading as they offer different insights into how metrics are used and how they can be meaningful.
Code metrics (http://www.thepragmaticarchitect.com/2006/12/15/code_metrics.html)
Software metrics (http://www.theserverside.com/blogs/thread.tss?thread_id=43663)
Are code statistics useful? (http://codebetter.com/blogs/jeremy.miller/archive/2006/12/29/Are-Code-Statistics-Useful_3F00_.aspx)
Aggregate Cyclomatic complexity is meaningless (http://thediscoblog.com/2007/01/07/aggregate-cyclomatic-complexity-is-meaningless/)