I have try it and it really can work without FT232 .. But in your project you can not use the Metaboard communicate with PC via serial port to USB.
http://iteadstudio.com/application-note/download-the-code-from-arduino-ide-to-metaboard
It's a high performance-price ratio DIY platform ;D
http://iteadstudio.com/store/index.php?main_page=product_info&cPath=1&products_id=122