Matt made an important point about spot metering, that is often overlooked. One has to develop the skill of guessing subject reflectance. If you use a lot of spot metering you'll know how to correct exposure for various skin types, sky, sand, rock, grass etc.
If you were to simply spot meter a caucasian face without compensation it'll come out underexposed in most cases.
I rarely use spot metering for auto exposure, since I find that matrix metering gives very good results in most cases, and for tricky lighting that may confuse the matrix there's always centre weighted. I do use it sometimes when I've got lot of time (like with landscape shots) to sample a scene and determine whether it can be shot without drowning or overblowing any area. Or for posed portraits, when I can ask the subject to hold a gray card up to their face for me to meter off.
Both spot and center weighted will give accurate exposure assuming the metered subject area has 18% reflectance, like a Kodak gray card. Or a lush green lawn or tree top (in very good approximation).
Centre weighted metering behaves slightly differently depending on the body. It will always take the whole frame into account, giving the central circle an increased weight in the overall average (hence the name). Some bodies (like the F3) are fairly agressive and assign 75% priority (IIRC) to the centre. I think the majority are using a 60/40 split, or thereabouts. Modern bodies (like most DSLR's) also allow the size of the central circle to be customised. The important thing to remember is that the high-priority circle is always in the centre, hence metering with the important bit centered, then re-composing, may be necessary.
With spot metering on
modern and digital bodies one can sometimes customise the size of the spot. Interestingly, a 1% spot isn't usually available, although it was once considered the only "true" spot meter in pro bodies...
On my D2H the metering spot isn't always central but appears to follow the chosen AF sensor.
Cheers
Steffen.