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If it holds a reasonably concise list of keywords that are specific to the page, then I think it has its place. A well constructed keyword meta tag does not look spammy.
I continue to use the meta keywords tag and I advise my clients to. The idea is to keep the keyword list relatively short - a kind of memo for the most important handful of terms that this specific page is focused on. Listing sitewide keywords on every page, however, is a waste of bandwidth.