"Your metabolic rate is twice normal. This means that you are much less resistant to http://fallout.wikia.com/wiki/Radiation and http://fallout.wikia.com/wiki/Poison, but your body heals faster."
This is the description of the trait in the original fallout ( and 2). But the effect is contradictory to the real life, because radiation in real life has a negative effect on your metabolism. Your metabolic rate wil slow down a bit. So that wouldn't be a very big problem for people with a high metabolism, but much more for people who already have slow metabolism.
As a result a fast metabolism should grant an advantage against radation.
I'm going to do a 'Rad Child' playthrough on NV so I wanted to take the perk version of it, until I saw the effects of the trait version in Fallout 1 and 2. I'm going to take it anyways because I'll follow my common sense.