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I'm just doing this at the minute so no conclusions but it looks to be similarish to Google on obscure searches [i.e. where the KW's are not in the title or description] with elements of the text extracted from the page. On more common phrases where the KW's are in the title and/or description then the description tag is used. Possibly :)
OTOH Many sites may not have been re-spidered since the new way of displaying the description was implimented and FAST may not know what to display. Remember the Ink stuff from a few weeks back where some listings had a Looksmart description, some had the tag and some had the first text on the page.
>>OTOH Many sites may not have been re-spidered since the new way of displaying the description was implimented and FAST may not know what to display.
That is what I think may be happening, and the sites that haven't been re-spidered are the ones that are being penalised in the new rankings.
Since this version of the site has been up for only a short time, it seems that, as of very recently, they still aren't using meta descriptions.
Fast, incidentally, re-indexed the site before any of the other engines... and I hadn't submitted the revision to them.