The meter isn't very accurate. It is on the list of things to fix, but isn't considered a high priority.
As for password strength - the more characters + the more non alpha-numeric characters, the stronger the password.
I use the default character set, 12 character length, and add 3 more random characters (random for anyone else that is) in a random (again, for anyone else but me) pattern prior to submission to the site, for a 15 character password.