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Ok, the rules seemed pretty clear, if harsh, before the recent errata. Correct me if I read something wrong or missed something, but before the errata you had to be level 17, for instance, to create any of the metamagic rods, as they all had a caster level of 17 in their descriptions.
Now the errata removes that restriction. So, using the metamagic rod example again, any character (or characters if cooperating) with the appropriate metamagic feat and the craft rod feat can craft the corresponding rod regardless of their caster level, is that correct?
Also, the caster level of the crafted rod would then be 17, for purposes of saving throws, dispelling etc?
Am I reading the current rules correctly?

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Now the errata removes that restriction. So, using the metamagic rod example again, any character (or characters if cooperating) with the appropriate metamagic feat and the craft rod feat can craft the corresponding rod regardless of their caster level, is that correct?
Yep.
Also, the caster level of the crafted rod would then be 17, for purposes of saving throws, dispelling etc?
There is nothing to indicate that this is the case by default (though I'll admit that's one interpretation, just not one I share). The only relevant rules on the subject indicate - but without clearly stating - that the caster level of the creator(s) is used to determine the caster level of the item, and that the creator can adjust the item's caster level up or down as needed.
In the specific case of a metamagic rod I would rule that the creator must be able to use the chosen metamagic feat three times per day* at the appropriate spell level for which he is trying to craft the rod. For example, to craft a lesser quicken metamagic rod the creator must be able to cast three quickened third level spells.
*Loosening this restriction to three times during the creation process would also be an acceptable rule.

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That sounds reasonable. Before the errata it seemed pretty clear. Now that they've removed the CL requirement to create items it's not so clear, unless there's something else in the RAW that I'm missing.
I always did think CL 17 for making any metamagic rod was ridiculous. I had ruled CL5 for lesser and CL11 for normal before this errata, in my game.