Does it require page specific and unique Title & Meta for each page?

Yes. Each page of your website must have unique Title & Meta tags.

Page specific Title and Meta helps users to land on most relevant page and it increases the conversion rates too.

Accordingly to Google Webmaster Guidelines;

"Differentiate the descriptions for different pages. Using identical or similar descriptions on every page of a site isn't very helpful when individual pages appear in the web results. In these cases we're less likely to display the boilerplate text. Wherever possible, create descriptions that accurately describe the specific page. Use site-level descriptions on the main home page or other aggregation pages, and use page-level descriptions everywhere else. If you don't have time to create a description for every single page, try to prioritize your content: At the very least, create a description for the critical URLs like your home page and popular pages."

"Use quality descriptions. Finally, make sure your descriptions are truly descriptive. Because the meta descriptions aren't displayed in the pages the user sees, it's easy to let this content slide. But high-quality descriptions can be displayed in Google's search results, and can go a long way to improving the quality and quantity of your search traffic."

Reference:

http://www.google.com/support/webmasters/bin/answer.py?hl=en&answer=35264#1

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