Just FYI, I DID delete the META-whatever-it-is folder, I used the most recent version of ModInstaller, I'm using the mods for my current version (Beta 1.6.6), but they don't appear! I tried FlintCraft, Vending Machine, Portal Gun, and WeaponsMod, but none of the extra content appeared in-game.
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no mods dont work
Minecraft 1.4.6 mods will work with 1.4.7 sense they are both a 1.4.
No your have to wait for the mods to update which may take some time.
Yes, most Minecraft Mods are updatable.
bearshare is not required to get minecraft mods.