In 7.1 Application Metering really isn't a stand-alone solution as it is now part of the Software Management Solution and used as part of the Software Catalog. However you can still create the "traditional" application metering policies.
The differences are that when you create an application metering policy through the Software Catalog process you are creating a hidden metering policy with a resource association from the catalog item. In 7.1 SP1 you cannot adjust the definition of the policy as it is based on executable/product name and version using a hash based upon inventory results. For suites of products with multiple components listed you can select multiple .exe's for each component so the issues seen w/Altiris 6.x metering policies have been resolved. This is the recommended method for assigning metering to applications and you will see usage details in the Activity Center console/view.
For the traditional or stand-alone metering policies you still have the flexibility for adjusting these to your needs but there is no relation to any catalog entry. You will not see usage details through the Activity Center. These are recommended for blacklisting and denial policies, not usage tracking.
I have a download created that also shows how ot assign meteting through the catalog process.