The National Information Standards Organization (NISO) has published an updated guide on understanding metadata (49 page PDF). It's a guide, so it begins at a pretty basic level. Some useful bits: the typology of metadata (though I think this is missing some important types, such as anotations, ratings, usage, etc); means of representing metadata (relational databased, XML, Linked Data and RDF), controlled vocabularies and content standards. It also summarizes some major metadata initiatives such as schema.org, Simple Knowledge Organization System (SKOS), Dublin Core, Friend of a Friend (FOAF), ONline Information eXchange (ONIX), EXchangeable Image File Format (Exif), etc. Finally, it addresses the core question of how metadata is generated.
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