PHB 78,
"The sorcerer or bard, therefore, must take more
time to cast a metamagic spell (one enhanced by a metamagic feat) than a regular spell. If its normal casting time is 1 action, casting a metamagic spell is a full-round action for a sorcerer or bard. For spells with a longer casting time, it takes an extra full-round action to cast the spell."
From the glossary:
"full-round action: One of several time-based action
categories. Full-round actions consume all of a character’s
effort during a round. The only movement possible
in conjunction with a full-round action is a 5-foot
step, which can occur before, after, or during the
action. Some full-round actions (as specified in their
descriptions) do not allow even this much movement.
When using a full-round action to cast a spell whose
casting time is 1 full round, the spell is not completed
until the beginning of the caster’s next turn."
PHB, page 148,
"A spell that takes 1 full round to cast is a full-round action. It
comes into effect just before the beginning of your turn in the
round after you began casting the spell. You then act normally after the spell is completed. A spell that takes 1 minute to cast comes into effect just before your turn 1 minute later (and for each of those 10 rounds, you are casting a spell as a full-round action)."
"Full-round actions" and "1 round casting time" spells are two different beasts, that only look similar at first blush.
Greg