What is the right way to add keywords to the meta tag: blue,widget,red,yellow,small or blue widget, red widget, yellow widget, small widget ?
Depends on the keyword prominence. For instance, if red is your most important keyword, start with Red, blue, small widget, etc
I tend to use the first format, just because then I don't have to repeat permutations. I don't think meta keywords are all that important, so I don't worry about the detail.
<META NAME="keywords" CONTENT="blue widget, red widget, yellow widget, small widget">... But if you want to target your keyword page specifically, you must have to target 1 t0 2 keywords per page to keep it intact.
Once again ;-) Meta keywords does not participate in the ranking! You can write for example: <META NAME="keywords" CONTENT="widget blue red yellow small">
First, the Meta Keyword tag has no SEO importance. So it doesn't matter. But if you want to be propper, then you add the words in the order of importance, left to right. <META NAME="keywords" CONTENT="widget blue red yellow small"> is a good example.