Yep.
Basically they are feats a wizrd can choose which augments their spell casting capabilities. SUch as Empowered spell, which will increase the level slot requirement for memerization, makes it that the spell can do 1.5 times the normal damage or lasts 1.5 times as long, and so forth. A Maximized Spell basically does maximum potential damage or last for the maximum possible duration, and so forth.
So a maximuized fireball with the caster 10th level plus will do 60 points, 30 if Reflex save is made, automatically.
In 3.5e it is really handy to do so because some wizards who don't have 1 16+ Intelligence could use the higher level spell slots they get with metamagic infused lower level spells.