Michael Bolton just did a wonderful blog post that summarizes his position on metrics - it is very close to my own. I highly recommend that you not only read it, but that you start emailing it to executives when they start a metrics initiative.
I am completely serious.
Schedule and Events
March 26-29, 2012, Software Test Professionals Conference, New Orleans
July, 14-15, 2012 - Test Coach Camp, San Jose, California
July, 16-18, 2012 - Conference for the Association for Software Testing (CAST 2012), San Jose, California
August 2012+ - At Liberty; available. Contact me by email: Matt.Heusser@gmail.com