Metaballs as particle system for water drops?

I’ve seen dozens of tutorials about putting water drops on soda cans and I’ve never seen any use metaballs. I just came across a file on blendswap.com that uses metaballs as the particle source. Metaballs very nicely blend together like real waterdrops when they are close enough together.

I had been modeling/sculpting individual “touching” waterdrop shapes for my renders. Should I have just used metaballs?

Is there some problems with using metaballs with particle systems? I ask because I have NEVER seen a tutorial using metaballs with hair particle systems and you’d think it would be a commonly shared technique based on how well it seems to work in this file I found on blendswap.