I haven't played with X11 yet, but i can tell you that in the terminal there is a "Window Setting" to use the option key as a meta key (Window Setting --> Emulation). Without that setting, the Escape key is the usual meta key.
Note that meta is not a modifier key like the shift or control keys are. It is a character sequence. Meta-D, for example, is the escape key followed by the D key.
However when the option key setting is turned on, the option key behaves as you'd expect any normal modifier key to behave and not as a key sequence (i.e. it would not be option followed by D, in our example above, but Option-D, as you'd expect; hopefully this is clear). This is because the various modifier keys (e.g. shift, control, option and command) can only work in conjunction with another key. Escape is not a modifier key, but a character key, like A-Z, for example, and so could only be used in a character sequence.
But even with this option enabled, the Escape sequence still works. The option key is merely a "shortcut."
Hope this helps.