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You can add metamagic feats as long as they don't raise the spell level above 4 (the maximum for a wand). Normally you can't use feats like spell penetration with a wand.
You can make a wand with a higher caster level, but it will cost more.
The applicable characteristic is still limited by the original level of the spell, before applying the metamagic. A wizard can take the discovery staff like wand and apply his level and intelligence to a wand spells.
It is a very good discovery.
Staff-Like Wand: Your research has unlocked a new power in conjunction with using a wand. Similar to using a magic staff, you use your own Intelligence score and relevant feats to set the DC for saves against spells you cast from a wand, and you can use your caster level when activating the power of a wand if it's higher than the caster level of the wand. You must be at least an 11th-level wizard and must have the Craft Staff feat to select this discovery.[/quote+

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Only if you use the Heighten Spell metamagic feat. with a want you can heighten a spell only up to 4th level.
So a wand with a charm person spell heightened to 4th level would have a DC of 10 +4 for the level of the spell + 2 for the minimum int needed to cast level 4 spells (Heighten is the only metamagic that actually increase the level of the spell) = 16 total DC. That is the maximum for a wand.