Scripting the deployment of service applications is a good idea; it is predictable, repeatable and gets you control over database names. I found a good script for the Metadata Service Application at Zach Rosenfield’s blog post SP+PS 2010: PowerShell to Create a Service Application.  Read Zach’s blog post for a detailed description of the script.

Here is the script, adjusted with RTM changes:

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Set-ExecutionPolicy unrestricted

# -----------------------------------------------------------------------------
# Script for setup managed metadata service
# -----------------------------------------------------------------------------

write-host -ForegroundColor Green "setup managed metadata service...";


$FarmName = "Lab"
$DatabaseServer = "LabDB"
$DatabaseUser = "lab\spfarmservice"
$DatabaseUserPassword = (ConvertTo-SecureString "pass@word1" -AsPlainText -force)
$DatabaseCredentials = New-Object -TypeName System.Management.Automation.PSCredential -argumentlist $DatabaseUser, $DatabaseUserPassword 

$ServiceApplicationUser = "lab\SpServiceApp"
$ServiceApplicationUserPassword = (ConvertTo-SecureString "pass@word1" -AsPlainText -force)
$ServiceApplicationCredentials = New-Object -TypeName System.Management.Automation.PSCredential -argumentlist $ServiceApplicationUser, $ServiceApplicationUserPassword 

$ServiceApplicationPool = "SecurityTokenServiceApplicationPool"
$MetadataDatabaseName = ("{0}_Metadata" -f $FarmName)
$MetadataServiceName = "Managed Metadata Service"

try{

      #Managed Account
      write-host -ForegroundColor Green "Managed account...";
      $ManagedAccount = Get-SPManagedAccount $ServiceApplicationUser

      if ($ManagedAccount -eq $NULL) 
      { 
           write-host  -ForegroundColor Green "Create new managed account"
           $ManagedAccount = New-SPManagedAccount -Credential $ServiceApplicationCredentials
      }

     

      #App Pool
      write-host -ForegroundColor Green "App pool...";

      $ApplicationPool = Get-SPServiceApplicationPool  "SharePoint Hosted Services" -ea SilentlyContinue

      if($ApplicationPool -eq $null){ 

            write-host  -ForegroundColor Green "Create new app pool"
            $ApplicationPool = New-SPServiceApplicationPool "SharePoint Hosted Services" -account $ManagedAccount 

            if (-not $?) { throw "Failed to create an application pool" }

      }

     

      #Create a Taxonomy Service Application
      write-host -ForegroundColor Green "Create a Taxonomy Service Application...";

      if((Get-SPServiceApplication |?{$_.TypeName -eq "Managed Metadata Service"})-eq $null){     

            Write-Progress "Creating Taxonomy Service Application" -Status "Please Wait..."
            #get the service instance

            $MetadataServiceInstance = (Get-SPServiceInstance |?{$_.TypeName -eq "Managed Metadata Web Service"})

            if (-not $?) { throw "Failed to find Metadata service instance" }

           

             #Start Service instance
            Write-Progress "Start Service instance" -Status "Please Wait..."

            if($MetadataserviceInstance.Status -eq "Disabled"){ 

                  $MetadataserviceInstance | Start-SPServiceInstance 

                  if (-not $?) { throw "Failed to start Metadata service instance" }

            } 

            #Wait
            write-host -ForegroundColor Yellow "Waiting for Metadata service to provision";

            while(-not ($MetadataServiceInstance.Status -eq "Online")){ #wait for provisioning

                  # write status
                  write-host  -ForegroundColor Yellow -NoNewline $MetadataServiceInstance.Status; sleep 5;
                  write-host  -ForegroundColor Yellow -NoNewline "."; sleep 5;

                  # Update the object
                  $MetadataServiceInstance = (Get-SPServiceInstance |?{$_.TypeName -eq "Managed Metadata Web Service"})
            }

            #Create Service App

            $MetaDataServiceApp  = New-SPMetadataServiceApplication -Name "Metadata Service Application" -ApplicationPool $ApplicationPool  -DatabaseServer $DatabaseServer -DatabaseName $MetadataDatabaseName
            if (-not $?) { throw "Failed to create Metadata Service Application" }

           

            #create proxy

            $MetaDataServiceAppProxy  = New-SPMetadataServiceApplicationProxy -Name "Metadata Service Application Proxy" -ServiceApplication $MetaDataServiceApp -DefaultProxyGroup

            if (-not $?) { throw "Failed to create Metadata Service Application Proxy" }

      }

}

catch
{
            Write-Output $_ 
}