Te adjunto un link con una buena descripción, en español primero y en inglés después.

Obviamente la palabra surgió en inglés, sería interesante averiguar su etimología...

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Note added at 5 mins (2004-09-28 17:54:43 GMT)
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Mh, para mi sí tiene una connotación negativa, pero puede ser según la región. Encontré de donde surgió:

Etymology
Blend of metro, city, and heterosexual.

Created by Mark Simpson in July 2002 in an article for the US based web site Salon.com.

His own definition is \"The typical metrosexual is a young man with money to spend, living in or within easy reach of a metropolis -- because that\'s where all the best shops, clubs, gyms and hairdressers are. He might be officially gay, straight or bisexual, but this is utterly immaterial because he has clearly taken himself as his own love object and pleasure as his sexual preference. Particular professions, such as modelling, waiting tables, media, pop music and, nowadays, sport, seem to attract them but, truth be told, like male vanity products and herpes, they\'re pretty much everywhere.\"

Antes de seguir, debe quedar claro que no se trata de una preferencia sexual, sino de un estilo de vida que parte del cuidado de la imagen. De acuerdo a quienes han escrito sobre ello, el metrosexual es un joven citadino que cuida su figura al acudir al gimnasio y spa, frecuenta al estilista para arreglar cabello, barba, bigote y uñas, utiliza cosméticos y accesorios para caballero, y no escatima al gastar en ropa y calzado. Como puede ver, su apariencia es muy importante.

Antes de seguir, debe quedar claro que no se trata de una preferencia sexual, sino de un estilo de vida que parte del cuidado de la imagen. De acuerdo a quienes han escrito sobre ello, el metrosexual es un joven citadino que cuida su figura al acudir al gimnasio y spa, frecuenta al estilista para arreglar cabello, barba, bigote y uñas, utiliza cosméticos y accesorios para caballero, y no escatima al gastar en ropa y calzado. Como puede ver, su apariencia es muy importante.
http://www.t1msn.com.mx/salud/tusalud/art010saltusmetrosex/D...

1. metrosexual
Metrosexual: (noun) Of or pertaining to a straight, urban male who is eager to embrace and even show off his feminine side, especially when it comes to expensive haircuts, designer suits, and $40 face cream.
-From Netscape Celebrity

The kind of guy who paints his nails, wears flip-flops, owns a lot of shoes, takes an hour to do their hair etc. but is not really gay.
Source: kegeten, Jul 17, 2003

2. metrosexual
You might be "metrosexual" if:
1. You just can't walk past a Banana Republic store without making a purchase.
2. You own 20 pairs of shoes, half a dozen pairs of sunglasses, just as many watches and you carry a man-purse.
3. You see a stylist instead of a barber, because barbers don't do highlights.
4. You can make her lamb shanks and risotto for dinner and Eggs Benedict for breakfast... all from scratch.
5. You only wear Calvin Klein boxer-briefs.
6. You shave more than just your face. You also exfoliate and moisturize.
7. You would never, ever own a pickup truck.
8. You can't imagine a day without hair styling products.
9. You'd rather drink wine than beer... but you'll find out what estate and vintage first.
10. Despite being flattered (even proud) that gay guys hit on you, you still find the thought of actually getting intimate with another man truly repulsive.

"Some people think he's gay, but he's actually metrosexual."
Source: Russ, Jan 1, 2004

3. metrosexual
A straight man who embraces the homosexual lifestyle, i.e. refined tastes in clothing, excessive use of designer hygiene products, etc. Usually is on the brink of homosexuality.

Mike has become a metrosexual after shaving off his stubble and using expensive skin products to soften his cherubic facial features.
Source: Anonymous, Feb 14, 2004

4. metrosexual
A term women throw around to describe a distinctly homosexual man whom they wish was not gay. The use of this term is their way of vehemently denying the truth and fantasizing about the man being heterosexual.

Jon: "That guy is so gay."
Jan: "He is so NOT gay, he's just a metrosexual!"
Jon: *clears throat* "Exactly."
Source: BDD, Apr 25, 2004

5. metrosexual
straight male with close ties to urban life and vanity. Also has narcistic tendancies and slight homosexual overtones. Also look at: pansy, sissy mary, panty waist, candy ass, fairy

Enrique Iglesias, Dave Beckham and anyone who: wears pink shirts, can't live with themselves if they wear white tube socks, uses the word "coutour", and crosses their legs so their knees touch
Source: Dr. Know It ALL, Nov 30, 2003
http://www.urbandictionary.com/define.php?term=metrosexual

El "metrosexual" es auquel hombre heterosexual que se preocupa mucho por su apariencia y cuidado personal: se hace la manicure (incluso pedicure), se preocupa por que su cabello y piel estén impecables, usa lociones, etc.

PERO no es homosexual. Simplemente, le gusta estar bien presentado.

Espero que te sirva ;-)

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Note added at 9 mins (2004-09-28 17:58:11 GMT)
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http://www.wordiq.com/definition/Metrosexual

Metrosexual, a portmanteau combining \"metropolitan\" and \"heterosexual\", was first used in 1994 by British journalist Mark Simpson, who coined metrosexual (and its noun, metrosexuality) to refer an urban heterosexual male with a strong aesthetic sense who spends a great deal of time and money on his appearance and lifestyle. He is the fashion-conscious target audience of men\'s magazines:

The promotion of metrosexuality was left to the men\'s style press, magazines such as The Face, GQ, Esquire, Arena and FHM, the new media which took off in the Eighties and is still growing (GQ gains 10,000 new readers every month). They filled their magazines with images of narcissistic young men sporting fashionable clothes and accessories. And they persuaded other young men to study them with a mixture of envy and desire.
Some people said unkind things. American GQ, for example, was popularly dubbed \"Gay Quarterly\". Little wonder that all these magazines - with the possible exception of The Face - address their metrosexual readership as if none of them was homosexual or even bisexual.


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Note added at 1 hr 49 mins (2004-09-28 19:37:50 GMT)
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Ahora que leo las referencias de Colemh, me dio risa porque los metrosexuales son incluso más femeninos que yo :P Yo no tengo tantos zapatos ni voy tanto al salón de belleza ni siquiera gasto tanto en productos para el cabello...

Un ejemplo de metrosexual: este personaje de la serie \"Nip/Tuck\", no recuerdo el nombre, el mujeriego, que es completamente NO homosexual, pero que le da muchísima importancia a su apariencia física (y a su auto y demás posesiones) para impresionar al sexo opuesto, claro está.

Vaya, lo que venimos haciendo las mujeres (o la gran mayoría) desde hace siglos...

Por desgracia no hay muchos.....
No se por qué sorprende tanto este tipo de "macho", no deberían ser todos así???????
:D:D