"meta" makes sense as url for general discussion about the site and engine, but not as the primary mechanism for feedback, bug reports, or feature requests.
With that in mind, feedback.stackoverflow.com should redirect to meta.stackoverflow.com.
I Agree. "meta" doesn't tell me that this is for feedback anyway. I had to go here and check it out to figure out what it was about.
I'd say this just leads to confusion, why have two URL's going to the same site?
The ~only link to here says "feedback always welcome" (I doubt many people will randomly type "feedback.stackoverflow.com" into their address bar). Plus the existing questions should make it clear what this site is for.
I guess the FAQ or About page should really mention it can be used for feedback or feature-requests a bit more explicitly (than just "discussion")..