That can be answered 2 ways. If their is no other loads in the exterior meter combo then 4/0 SER AL will suffice. Now, as I see it but don't agree with it, the code would require 300 MCM SER AL if their was another load in the meter combo. Now the SER does not serve the entire load of the dwelling-- ridiculous ? Yes, but that is the official ruling from Ron and my understanding of the 2008 NEC.
That's one of the common "interpertations" in this area (one of 3). I quit arguing any of them because between 338.10, 310.15(B)(6) na d 215.2
each AHJ is going to come to his own conclusion.
The part I love about this one is the "logic" that as the load decreases (moving some to the exterior panel) we increse the size of the interior panel feeder.
It is going to be a while until all minds/eyes see this in the same light.