Meatspace is what occurs in real life in the physical world. UrbanDictionary.com defines meatspace as “A term, originating from cyberpunk fiction and culture, referring to the real (that is, not virtual) world, the world of flesh and blood. The opposite of cyberspace.” http://www.urbandictionary.com/define.php?term=meatspace

Cyberspace, the opposite of meatspace, describes the virtual world of computers and the internet. Credited to William Gibson, cyberspace was first used in his 1984 book Neuromancer. Gibson definition of cyberspace is "a consensual hallucination experienced daily by billions of legitimate operators, in every nation..." (New York: Berkley Publishing Group, 1989), pp. 128.

Cyberspace allows for an interactive virtual experience anywhere in the world. Individuals can communicate with each other, share information and ideas, etc. Cyberspace is a “sense of a social setting that exists purely within a space of representation and communication . . . it exists entirely within a computer space, distributed across increasingly complex and fluid networks." (Slater 2002, 355)

Although cyberspace and meatspace are both spaces, the biggest difference between “people in the real world and people in cyberspace is that real world people also have physical bodies, with their own advantages and limitations.” http://www.wisegeek.com/what-is-meatspace.htm

Cyberspace offers individuals a 3D virtual world with seemingly endless possibilities. Camille Dodero, author of the article “Does Your Life Suck” from the web page listed below states, “In this world, you can fly. You can “teleport.” You can’t drown. You do not age.” One can even participate in “an awkward version of cyber-sex.” However, outside of cyberspace, in meatspace, “the body is made of flesh, not bytes.”
http://thephoenix.com/Boston/Life/17440-Does-your-life-suck/

One problem that goes a long with cyberspace is that ethics are often ignored, because “
introducing a concept like ethics/moral automatically reduces the degree of freedom the virtual environment exhibits.” Cyberspace allows individuals think that the rules of social behavior apply to them. One can do pretty much whatever they want in cyberspace and justify it by saying that it isn’t real.
http://www.usemod.com/cgi-bin/mb.pl?RealWorld