I have to agree. If a character is feeling something that the developers want the player to feel, adding something as over the top as a meter is a big mistake. If it's done right, the player should be feeling that emotion anyway.
I have to bring up Bioshock 2 as an example of a morality choice done right, (ie. without being punished or rewarded, with no meter in sight.)
SPOILERS XXX Near the end of the game when the bombs start to go off, (and even a little bit before that), you walk into various rooms with people rocking back and forth on the ground, holdings their heads and shaking. That posed a big question to me when I played. The people who I was observing hadn't provoked me in any way. But they could just as easily stab me in the back the second I turned around. Making the decision to let them live was a very difficult one, which was why I loved it. XXX END SPOILER