I started on 500mg for a few days, then increased it to 1000mg and i'm now taking 1500mg a day. I would definitely recommend gradually increasing the dosage because it can be pretty hard going and a lot of people experience stomach cramps when they first start taking it.
I've known a few people put weight on whilst taking Metformin but its not the tablets themselves that cause the weight gain. In all cases its been women who think of the tablets as weightloss pills and go on eating unhealthy foods in large quantities with little to no exercise in the process.
In my experience, the people who seem to do the best whilst taking Metformin are the ones who combine it with a low GI food plan and a bit of exercise.
I don't know how accurate this is but my dietician said that Metformin works by balancing our sugar levels to give us a fair chance to lose weight. Basically, these levels cause us to put the weight on, and stop us from losing it, thus... by balancing them out we're as capable as losing weight as somebody who doesn't have PCOS but we still need to make the effort - food, exercise etc... The tablets themselves don't specifically aid weightloss, although she did say that eating lots of fatty foods whilst on Metformin can cause diarrohea??