No. Water meters are replaced periodically in order to ensure that your water use is accurately measured. This ongoing meter replacement program is required by state regulators but is not related to the switch to Lake Michigan water.
You will receive a letter from the Waukesha Water Utility when it is time for the meter at your address to be changed. It can be done with very little disruption to your water service. A service technician will come to your home/business, at no charge, to remove the existing meter, and install a new one. The meter changeout occurs every 20 years or so.