Norcal
I will attempt to get an informed opinion (unless you know something I don't)
But Article 225.22 requires raceways on the exterior buildings to be raintight, I do not believe a offset nipple is. Also 312.2 A requires enclosures installed in wet locations shall be weatherproof. Admittedly I do not have an official interpretation, but my experience is that a installation such as depicted in the photo would render the meter and adjacent enclosure void of a weather proof listing. Of course it’s my opinion.
I've recently recived an opinion from some one I hold high regard for, and a further reference to section 314.15 (A) is in order
"Boxes, conduit bodies, and FITTINGS installed in wet locations shall be listed for use in wet locations."

[This message has been edited by cpal (edited 08-06-2004).]