Well now that I have the books in front of me, I can more fully address the issue.
On page 143 of the 3.5 PHB and also from the SRD:
Emphasis mine. The bolded passage is what caused confusion. This passage makes it sound as if the metamagic-ed spell still takes affect the round it's cast, as long as the unmodified version has a casting time of 1 standard action or less. Anything with a longer casting time would take more full round actions to cast.
Originally Posted by SRD
See my confusion?
Yours in Magic,