That config is not for terminal Emacs. It's only for when you are running a native cocoa Emacs (like http://emacsformacosx.com). For terminal I always enable option as the meta key and use the OS Character viewer for the rare times I need to type a unicode character into the terminal.
Having option as meta is useful outside of Emacs, as "bash" (and other shells) use Emacs keys by default (M-d, M-f and M-b are all essential for me when I'm using bash).
I wish the OS would let me use the Fn key for doing fancy unicode characters (maybe Fn+option or something)—that way I could have good unicode input and my precious meta key.
I use https://github.com/andymcd/cmd-key-happy which swaps option and command, and which lets you whitelist keys (iirc Cmd-N is among the defaults) to be exempt from that swapping.
Iterm2 will let you swap option and command. I also cheat and use Keyboard Maestro to UN-swap Cmd-Tab and Cmd-` so that application switching and window switching still works.
At Spotify, we have a lot of team-rooms which seat 8-10 people. They all have a lounge area with whiteboard walls as well as a small conference room for design discussions, 1-1:s etc.
I installed Ubuntu 13.04 on an old LG F1 Express Dual. Everything works, including repeated sleep. Sleep did not work on it with 12.10. It also has two finger scroll with inertia, even on this old craptop.