1. LR stores metadata in its catalogue - metadata includes IPTC stuff like captions, copyright etc and LR information like adjustments. It's only when you export a file that the metadata gets baked into the image that you export. So that means your original may have lots of metadata applied, but you export a file for me that has no location information, and for someone else you might include all the metadata. You can update the originals by using the menu command Metadata > Save Metadata to Files. This only includes metadata that may be useful in other apps which understand it. So flags, stacks, edit history etc are not included, but keywords or ratings are. As are adjustments, which Bridge can understand. 2. You need to distinguish between entering metadata and exporting. You can enter lots, including information you may never want to export. But the export depends on the precise usage - eg someone you trust, people you don't. The Metadata preset and export's Metadata option are independent, and in the latter you don't have the same control that you have in the former. The copyright only option adds the bare minimum. There is a plugin called Jeffrey's Metadata Wrangler that allows much more control.
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