Runing the program, you get very different results for the two classes. The class decorator
version always does what's expected.  Not so much for the metaclass.

For example:

bash % python3 bug.py

---- Class Decorator ----
Decorating f_4
Decorating f_8
Decorating f_7
Decorating f_3
Decorating f_6
Decorating f_2
Decorating f_5
Decorating f_1
---- Metaclass ----    
Decorating f_4
Decorating f_3
Decorating f_5
Decorating f_2          # Notice: Where is f_7?  It's gone!
Decorating f_1
Decorating f_6
Decorating f_8

Try running it again:

---- Class Decorator ----
Decorating f_3
Decorating f_7
Decorating f_5
Decorating f_1
Decorating f_8
Decorating f_6
Decorating f_4
Decorating f_2
---- Metaclass ----
Decorating f_3       # <<<<<<
Decorating f_7
Decorating f_1
Decorating f_3       # WHAT?!?! This was just wrapped above
Decorating f_5
Decorating f_8
Decorating f_6
Decorating f_4
Decorating f_2

So yes, you're iterating over the class dictionary, changing the value assigned to some of the keys,
and effectively seeing the dictionary "change size", dropping one or more keys or iterating over
the same key more than once.  It randomly changes run-to-run.  Code behaves differently depending
if it's invoked from a metaclass or not.  

Enjoy!