Meta.stackoverflow.com has its own reputation, while all other metas inherit the reputation of the parent page. Therefore there are no privileges that could be earned in a SE meta page directly, they are only given according to the privileges and reputation of the parent site.
So one question would be: are privileges always given/earned at the same reputation level in meta and its parent, or do the privileges differ.
If the privileges follow parent privileges, the link could point to the corresponding parent privileges page. Only drawback: the link on the title will then lead you to the parent site, not back to meta.
Therefore I propose to have a special meta privileges page, that uses the reputation of the parent site, but have its own privilege levels. ('Reduced advertising' and 'Leave comments' come to mind.)