import arcpy, sys
from xml.etree.ElementTree import ElementTree
from arcpy import env
env.overwriteOutput = True
env.workspace = r"D:\GIS\GDB\Lakeland\Lakeland.gdb\AddPoints" # set the workspace for use in  ListFeatureClasses
fcList = arcpy.ListFeatureClasses() # lists all feature classes from inside env.workspace
translatorpath = r"C:\Program Files (x86)\ArcGIS\Desktop10.0\Metadata\Translator\ARCGIS2FGDC.xml" # the translator file to use
xmlfile = r"D:\GIS\metadata\test.xml" # the output xml file
for fc in fcList:
    arcpy.ExportMetadata_conversion(fc, translatorpath, xmlfile) # export the current fc's metadata to xml
    tree = ElementTree() # make an ElementTree object
    tree.parse(xmlfile) # read the xml into the ElementTree
    spot = tree.find("idinfo/descript/abstract") # find whatever tag you want
    print spot.text # print the text between the tags
 
					
				
			
			
				
			
			
				
			
			
			
			
			
			
		I tried today to use the XSLTransform_conversion tool to just extract out everything (avoiding a transform) but I am getting an error message that appears to be a bug in tool validation (which I sent to ESRI support).
import sys, os, arcpy
def getMetadataText(Dataset,Element="dataIdInfo/idPurp"):
    """Extracts metadata contents from ArcGIS metadata
  arguments
    Dataset - Path to an ArcGIS dataset
    Element - XML path in ArcGIS metadata. 
    Default: "metadata/dataIDInfo/idPurp" ("Summary")
"""
    from xml.etree.ElementTree import ElementTree
    try:
        # Get arcgis to fgdc translator path
        ARCGISHOME = arcpy.GetInstallInfo("desktop")["InstallDir"]
        XSLT = os.path.normpath(os.path.join(
            ARCGISHOME,
            "Metadata/Stylesheets/gpTools/exact copy of.xslt"))
        xmlTemp =  os.path.join(os.environ["TEMP"],"xx_xmltemp.xml")
        # export the metadata to xml   
        arcpy.env.overwriteOutput = True       
        arcpy.XSLTransform_conversion(Dataset,XSLT,xmlTemp)
        # parse out Description element from ArcGIS 10 metadata
        tree = ElementTree() # make an ElementTree object
        tree.parse(xmlTemp) # read the xml into the ElementTree
        Data = tree.find(Element) # find whatever tag you want
        del tree
        arcpy.Delete_management(xmlTemp)
        return Data.text # return the contents as text
    except Exception, xmsg:
        raise Exception, str(xmsg)
# You could put a loop here around this to print out Summary for a list of datasets
dataset = r"E:\work\work.gdb\BeetleSprayArea.shp"
text = getMetadataText(dataset)
arcpy.AddMessage(text)
					
				
			
			
				
			
			
				
			
			
			
			
			
			
		import arcpy, sys
from xml.etree.ElementTree import ElementTree
from arcpy import env
env.overwriteOutput = True
env.workspace = r"D:\Lakeland_GIS\GDB\Lakeland\Lakeland.gdb\AddPoints"
AGSHOME = arcpy.GetInstallInfo("Desktop")["InstallDir"]
translatorpath = AGSHOME + r"Metadata\Translator\ARCGIS2FGDC.xml" 
xmlfile = r"U:\my docs\GIS Projects\Python\Scripts\List Metadata\working_test.xml" 
  
# list any standalone feature classes
fcList = arcpy.ListFeatureClasses()
fcList.sort()
for fc in fcList:
    arcpy.ExportMetadata_conversion(fc, translatorpath, xmlfile) 
    tree = ElementTree() 
    tree.parse(xmlfile) 
    spot = tree.find("idinfo/descript/purpose") 
    print fc
    print spot.text
        
# list feature datasets
datasetList = arcpy.ListDatasets()
datasetList.sort()
for dataset in datasetList:
    print dataset
    # list feature classes inside the dataset
    fcList = arcpy.ListFeatureClasses("","",dataset)
    fcList.sort()
    for fc in fcList:
        arcpy.ExportMetadata_conversion(fc, translatorpath, xmlfile) 
        tree = ElementTree() 
        tree.parse(xmlfile) 
        spot = tree.find("idinfo/descript/purpose") 
        print "  " + fc
        print "  " + spot.text
					
				
			
			
				
			
			
				
			
			
			
			
			
			
		