The options to view & set different Metadata Styles has changed in ArcGIS 10.

When viewing metadata in ArcGIS 10 ArcCatalog click on the Description tab in the main window.   

To change the metadata style within ArcCatalog:
As a default the software defaults to a simple "Item Description."  The Item Description gives you limited metadata information: summary, description, credits, & access & use limitations. This is not the standard FGDC information we are all used to reading. 

- From the menu bar in ArcCatalog click Customize. 
- Navigate and chose ArcCatalog Options. 
- Click on the Metadata Tab. 
- Within the Metadata Style section there is a drop down menu that will allow to choose from the following Metadata Styles: FGDC CSDGM Metadata, INSPIRE Metadata Directive, ISO 19139 Metadata Implementation Specification, & North American Profile of ISD19115 2003.
- Choose the appropriate Metadata Style for your organization and click Ok.
- It might be necessary to have to refresh to see the changes - F5 key

Thanks,
Erin

Thanks to Susan at Esri for your help on this one.