What META-INF and WEB-INF contains.
These folders contains private information about the application.
META-INF
Now Meta-inf could contain information about the ejb components or any standalone application (desktop application, such as in swing). Its main content is Manifest.mf file. This file contains Meta-data, i.e data about data. for example in stand alone application it contains info about which class contains the main function, so that system could load that class.(a lot of other meta-data could be included in it.
WEB-INF.
Now web-inf contains information, and data about the web application. It contains servlet classes, and other library/utility classes; it could also contain properties files. It could contain any other information which you want to keep private.
That's All.