Sort of? I'm not trying to explain morality, but label it, and I think that the word "should" makes a decent label for the cluster of things which make up the "morality" I was trying to point to. The other version I came up with was like thirty words long, and I figured that 'should' was a better choice than that.
There seems to be a widespread impression that the metaethics sequence was not very successful as an explanation of Eliezer Yudkowsky's views. It even says so on the wiki. And frankly, I'm puzzled by this... hence the "apparently" in this post's title. When I read the metaethics sequence, it seemed to make perfect sense to me. I can think of a couple things that may have made me different from the average OB/LW reader in this regard: