Metatag formatter conflict with Multireference field

I'm noticing that when I use this module along with Multireference field (http://drupal.org/project/multireference) that the fields added by that module do not get displayed when the node gets rendered. When I disable Nodewords module it works fine. It was pointed out that this module loads the node and returns the node without considering what other modules have added to node content.

Specifically around lines 23-27
$node = node_build_content($node, TRUE, FALSE);
$content = drupal_render($node->content);
$node->teaser = $content;
node_invoke_nodeapi($node, 'alter', TRUE, FALSE);
$value = $node->teaser;

Wouldn't it be better to use hook_nodepai and do an alter on the node content.