You don't actually have to meter the water. You have to establish a baseline under WEp1, but don't need an individual meter for the building. To get WEc1 you need to meter the individual building and data-log the readings to achieve the credit. We got burned on EBOM 2008 on a project because the building had an individual meter and they said that the meter must be read regularly. We thought the monthly utility invoice was regular enough, but the USGBC disagreed and we didn't get the credit. Now in v3 it looks like they've cleared that up by requiring continuous metering and data-logging.
In terms of the other problems with a campus, the USGBC has been talking about LEED for Campuses for a couple of years now, but it hasn't come out yet. I imagine that it was placed on the back burner when they revamped the whole system last year. Have you heard any buzz about it recently?