That means that
* spell resistance doesn't defend against soulmelds,
* dispel magic doesn't dispel soulmelds,
* detect magic doesn't detect soulmelds,
* dead magic areas and antimagic effects do nothing to soulmelds,
* item creation feats don't work for crafting meldshaping-related items without a one-feat feat-tax (or taking a single level in a meldshaping class),
* you can still invest essentia in magic/psionic items as-normal,
* you can still bind chakras to magic/psionic items as-normal