Not because hes really good because hes too good.
Your reason for thinking Ike can do good against MK is the same reason people list for oli. Good range and can keep MK out of it but MK can still get in and once he is in Ike really doesn't have anything to get him out. Yah jab is great but it is nowhere near save unlike a lot of MKs moves.
Also tornado can be used on pretty much anymove of Ike's that gets shielded it is still a very good option. Plus no one has ever said tornado = broken.
The question of whether Meta Knight is "too good" is something I don't think should be decided this early. In fact, until late summer, everyone seemed to think Snake was the best in the game. At the moment, Meta Knight's most "intimidating" thing comes from the fact that he and Snake take up a fair bit of tourney main usage and that people might drop their main because of him. That sort of reasoning is Shoddy, as you should be playing the character you are actually good with, not the one that is considered the best.
From what I hear Olimar also does comparatively well against MK, but that's a completely different debate. In addition to good ground range, Ike also has great air range, something Olimar doesn't have. Ike's jab and grab may not be totally safe but they come out on what, Frames 3 and 7, respectively?
I don't think MK can punish shielded moves not called Quick Draw or Ike's Smashes with the Tornado. The star-up on it isn't instant, plus it takes time to react and drop the shield as well. MK has better ways to punish a whiffed QD or Smashes, naturally. Though in reality the only one of those moves he might possibly shield is Down Smash or QD, moves that are rather low in overall usage.
Edit:
However, you're now undermining MK's usage, and I'm really beginning to wonder if you've actually played (or seen) how hard MK can **** a character. He can keep you in air, has reliable KO moves (especially D-Smash against Ike. That's basically a guaranteed KO if the % is high enough), he can gimp Ike to an oblivion, his aerial game beats Ike's jab game, and his running speed can get past the laggy F-air and grab, do that annoying D-throw (or F-throw) to put us in the air and have our way with us.
And all we got is... Oh hey, spacing! How come the Marths aren't doing this? Oh wait, they are.
The grab release does nothing if we can't grab them in the first place.
No, I'm pro-ban because for every character there is in the entire game, it's an uphill battle when going against a Metaknight. In which cases he breaks the counterpick system, which is essentially what allows you to win consistently at tournaments.
I've certainly played an MK, and I actually was ***** (2 stocked) in the first few matches because Meta Knight left no room for thinking and just kept assaulting until I was off the stage. I wasn't used to the gimping game, I wasn't used to the Shuttle Loops and I most certainly wasn't used to the juggling. As time went on, however, I came to see just what Ike has on MK. By appropriately spacing himself, Ike should be able to hold his ground. As for MK's Down Smash killing, yeah, it kills early. But you're Ike, honestly. Ike has a range, priority and power advantage in this match, something that some characters would kill to have just one of.
And, on another note, what wins matches is not counterpicking or whatnot. Sure, it can help you here and there, say CPing Pikachu against a Fox or something, but the main things that will be winning you matches are SKILL and KNOWLEDGE, nothing else.