MeeGo Touch is a Qt based application development framework targeting mobile touch screen devices. It is part of MeeGo API (along Qt 4.7). It provides all the necessary building blocks for creating native applications that follow the MeeGo Handset UX guidelines . The framework itself is built on top of the Qt Graphics View Framework.
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The Framework sits on top of Qt. It extend it and adapt it to touchscreen interface, providing convenient classes and widget for a MeeGo Application on a touch screen.
This topic was discuss in the forum here : 
The quick summary : if you value application portability and API stability it is probably better to stick with pure Qt. It is the encouraged way to built application for MeeGo.
MeeGo Touch framework may interest you only if :
Also an other new way to code Qt apps exist : Qt Quick. it is still very new, but it could be interesting to write fast a small UI.