There's no need to have two flag queues (one for meta, and one for main) for moderators to check. There's also no need to have two edit queues, if suggested edits were allowed on meta sites. We should have one flag queue and one edit queue for both main and meta SE 2.0 sites.
Most of these sites have a low traffic level and low participation. How low traffic are they? Moderators get pinged in their global inbox for questions on Meta sites because we're desperately trying to make sure that any traffic is successful. Our meta traffic is picking up rapidly, but it's nowhere near the point that it's sensible to check meta's flag queue.
The flag and edit queues are currently separate on the meta and main sites. This reduces the flag handling time, and is yet another queue for mods to check. The undesirability of a separate edit queue is used to justify the lack of suggested edits on meta sites.
The flag queue on meta should be integrated with the main site flag queue. Additionally, suggested edits should be implemented on meta, and this queue integrated with that of the main site.